Double Taxation Agreement Explained #SHORTS

If Australia has entered into a double taxation agreement with another country that plays home to your property 👇

You can generally avoid being double-taxed under the foreign income tax offset system.

Under this system...

The ATO will provide you with an income tax offset to reduce the Australian tax payable on the rental income if tax has already been paid elsewhere on the same income. 💰

The offset amount you’re entitled to will not always be the same as the amount of tax you paid overseas. 🌎

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