IT4 Target Foreign Income worksheet (tfi)
For income test purposes, target foreign income is any income earned, derived or received from sources outside Australia, or periodical payments or benefits by the way of gifts or allowances from a source outside Australia. It does not include foreign income that is included in your assessable income or foreign income that you have received in the form of a fringe benefit.
If you have already included an amount of exempt foreign employment income at item 20 label N you will notice that amount has already been transferred to this worksheet to be included as part of target foreign income.
To create additional data entry fields click [Ctrl+Insert].
The types of foreign income that would be considered to be target foreign income not included in assessable income are:
gifts or allowances of money from any foreign source received on a regular basis, including regular money or gifts from relatives living overseas
income from foreign business interests or investments including migrants with business interests in their country of origin
foreign income received by newly arrived migrants in the current year which is not subject to tax in Australia
non-residents married to or partnered with Australian residents and working in Australia for overseas companies, organisations or government, including civil servants and defence personnel posted to Australia,
non-residents working temporarily at Australian education institutions or visiting students.
Do not include in this worksheet and foreign income that has already been included at the following items:
1 - foreign employment income,
4 - foreign ETPs,
19 - Foreign entities, and
20 - Foreign source income and foreign assets or property), other than an amount at label N. The field at label N in the worksheet will be pre-filled from the value entered at label N.