..... many Australian resident taxpayers may not be aware of their Australian taxation obligations in relation to their worldwide income.  The ATO has reminded taxpayers to correctly report foreign sources of income when required. Examples of foreign sources of income can include:

• interest accrued in an offshore bank account;
• income derived from a foreign investment (e.g. dividend or rental income);
• income from an asset that has been inherited from an overseas source;
• a foreign pension or annuity; and
• foreign trust income.

The ATO has announced that for taxpayers who make full voluntary disclosure of their foreign source income, any applicable penalties may be reduced by 80%.