Keep records of any overseas transactions that the partnership is involved with, or has an interest in, during the income year.

The involvement can be direct or indirect, for example, through individuals, trusts, companies or other entities. The interest can be on purpose or as a result of another action. For example, where the partnership has direct or indirect control of:

• any income from sources outside Australia not disclosed elsewhere on the tax return, or
• any property, including money, situated outside Australia. if this is the case, keep a record of the:
  • location and nature of the property
  • name and address of any partnership, trust, business, company, or other entity in which the partnership has an interest, and
  • nature of the interest.

If an overseas interest was created by exercising any power of appointment, or if the partnership had an ability to control or achieve control of overseas income or property, keep a record of the:

• location and nature of the property
• name and address of any partnership, trust, business, company, or other entity in which the partnership has an interest.