I have to submit returns in both UK and Australia but the tax year dates are obviously different with Aust JUne 30th and Uk April. How do I manage this when submitting the details of overseas income for each rturn.

You can either keep track of the individual dates of income and manually add them up for the appropriate tax year, or you can use the tax statement provided to report the income. Whichever method you use, you should continue using that method for all future returns. I also suggest using the same method for ALL income sources.

For example, you can keep track of the individual dates that interest is paid on a bank account, or use the annual statement from the bank. In Australia, you would see this statement printed on either your June or July statement (or next scheduled statement).

The most accurate way would be to keep track of the individual dates, but if you don't keep your records in an accounting program like Quick Books, MYOB, MONEY, or one of the other commercially available packages, or even a simple spreadsheet, then using the annual statement would probably be easier.

Just make sure to keep track of all income streams and to report everything in both places.

I know what a hassle this is as I now file tax returns twice a year too. The US tax year ends December 31 and returns must be filed before April 16. It's a lot of work, but such is the price we pay for the choice we made to live in Australia.

Happy tax return filing!

Marilyn

What overseas income are you referring to, brecon? If rental income you should find that you can (with ATO agreement) use figures used for the UK Return (y/e 5th April) for the Australian Return (y/e 30th June).

Feel able to contact us if you need some further assistance - our tax and accounting practice acts for clients who have the same issues as you.

Best regards.