Foreign income can affect how much Family Tax Benefit and Child Care Subsidy you get.
What foreign income is
It includes any income you and your partner earn, or get from outside Australia.
This may include:
- foreign employment income
- overseas pensions
- gifts or allowances of money you get regularly including money or gifts from relatives living overseas, and
- income from foreign business interests or investments
We include foreign income as part of your adjusted taxable income.
How it affects family assistance
You must include any foreign income you expect to get in your family income estimate.
Your estimate must:
- be in Australian dollars, and
- cover the income you expect for the Australian financial year, which runs from 1 July to 30 June
The way it affects your family assistance depends on if it’s taxable or not.
Visit the ATO website if you’re not sure if your foreign income is taxable in Australia.
If you don’t pay tax on it
If you don’t pay Australian tax on foreign income you get, you must include it. List it as foreign income in your family income estimate.
Tax exempt foreign income
This is income you earn while overseas in foreign service or on an approved project for 91 days or more.
This can include income you earn if you’re:
- a member of the armed services serving overseas, or
- on an overseas project approved by the Minister for Trade, Tourism and Investment
You shouldn’t include this income in your family income estimate.
If you pay tax on it
If you pay Australian tax on foreign income you get, you must still include it. List it as taxable income in your family income estimate.
If you can’t access it from Australia
We don’t count your foreign income if you can’t access it within Australia. You don’t need to include it in your family income estimate.
If you visit a country where you can access it, you must list it as foreign income in your family income estimate. We will then reassess your payment rate.
What exchange rates we’ll use
We use the exchange rate from 1 July each year. These are the rates we apply when calculating your income for that financial year.
Exchange rates for 2018-19
We’ll use these rates for the 2018-19 Australian financial year.
|European Currency Unit||0.6726|
|Hong Kong Dollar||6.0979|
|New Zealand Dollar||1.1323|
|South African Rand||10.5727|
Exchange rates for 2017-18
We’ll use these rates for the 2017-18 Australian financial year.
|European Currency Unit||0.7085|
|Hong Kong Dollar||6.3193|
|New Zealand Dollar||1.0969|
|South African Rand||10.3408|
If you need the rate for a currency that we don't list above, please call the families line.
How foreign income affects other payments
We assess income from outside Australia differently for our other payments and services.