Private ruling: Foreign income
Date of advice: 30 September 2021
Published: December 2021
Ruling period: Year ended 30 June 20XX
Date scheme commenced: 1 July 20XX

Ruling: Q1: As a temporary resident of Australia are you assessed on foreign sourced income from shares in Australia? | A1: No. Section 768-910 of the Income Tax Assessment Act 1997 (ITAA 1997) provides that ordinary income derived from a foreign source (excluding employment related income and capital gains on shares and rights acquired under employee share schemes) and is exempt from income tax in Australia when derived by a temporary resident in Australia. Based on the information provided to the commissioner as a temporary visa holder and a temporary resident of Australia your foreign sourced income is not assessable in Australia, this includes shares traded through a foreign based platform.

Relevant facts and circumstances: You and your spouse are temporary residents of Australia. You and your spouse hold a temporary visa. You earn foreign income.

Relevant legislative provisions: Income Tax Assessment Act 1997 section 768-910