Note: This is only applicable only for a tax form year 2020-Present.
Note: Make sure to activate first the "Foreign" via "Manage section"
Select "Income" > "Foreign"
Once "Exchange rate" has been filled, it will auto calculate the "AUD Amount" boxes.
Result -
Resolve "Foreign Income" for Form 2019 and older
Be sure to activate "Foreign Income" via the 4 squares via Top right of the form
20 E Add Gross Assessable Foreign Source Income here. i.e. before related expenses.
T - O Add the Net Foreign Income by type. i.e. after related expenses.
Note - 20 U Net Foreign Employment Income - Payment Summary. Use this ONLY if you've already completed a payment summary.
Mostly, this will apply to people earning wages from an Australian entity but posted overseas.
Note that, only these values ( T, L, D, R, F, M1, and M2) from "Income > Foreign" step are calculating to "Total Income > Estimate"
In this example, $3000 is the total amount of T+L+D+M1+M2.
While, the "Assessable foreign source income" item E is not included in Taxable income. You may confirm this via ATO website to find out how to complete this step.
Related Article: