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If you are a resident of Australia (unless you are a temporary resident) and you have an overseas investment, or you are earning interest on an investment you made in abroad, you have to pay tax on it. In Australia you must report all your foreign income, even if tax was taken out in the country where you earned the income.

Some common foreign income includes:
Foreign employment income: Foreign employment income is income that is earned by an Australian resident working outside the country.  
Foreign investment income: The income you earned by investing abroad.  For example, you purchased an apartment in New Zealand and you are renting out. 
Foreign pensions and annuities: If you are a resident of Australia and receiving any foreign pension then you have to pay tax on that.

Foreign business income: If you are a resident of Australia and you have a business in another country then the income from that business will be considered as foreign business income and for that foreign business income you have to pay tax.

Capital gains on overseas assets: If you are a permanent resident of Australia and you are gaining capital from abroad or earn an interest on overseas assets, you have to pay tax on it. 
In most of the cases you may face double taxation issues, because your foreign income may be taxed in the source country and also in Australia. To overcome this problem Australian government provides tax exemptions in some cases.
Australia provides a limited exemption for foreign employment income from particular types of Foreign Service. And it also provides a tax deduction for the foreign investment, but there is a limit to how much of these expenses you can claim in any year. Like if your expenses exceed your foreign income, you cannot claim tax exemptions in the running year. You need to carry it up to the next years.
You may also be exempt from paying tax if you are a member of:

  •   Australian defence or police force;
  • Organisation engaged in overseas aid work.

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