Australia's general jurisdictional rules are based on the 'world-wide' rather than the 'territorial' approach to income taxation. True False

The statement is False.

Australia operates under a territorial approach when it comes to income taxation, which means that residents are taxed on their worldwide income, but non-residents are taxed only on income sourced in Australia. This is distinct from a "world-wide" approach since it does not imply that all global income of non-residents is subject to Australian taxes.

In practical terms, Australian residents must declare and pay tax on all income earned both domestically and internationally. However, Australia typically provides foreign tax credits to mitigate the risk of double taxation for income earned overseas. Thus, while residents are taxed on their worldwide income, it is the domestic taxation of non-residents that reflects the territorial principle.