By: lasty49
1/10/2008
10:19 am Yahoo! Profile:
lasty49 Did this message offend you?
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"My question is what are the tax implications of renting out our property whilst living in London?"
My question is why are you moving to London?
Forget renting out your property. You better sell so you can eat for a day or so. |
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By: ecchi.gaijin
29/09/2008
9:33 am Yahoo! Profile:
ecchi.gaijin Did this message offend you?
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the rental income is taxable on your australian tax return, and you can claim deductions against it. Depending on whether you still qualify as a resident for tax purposes will determine how the resultant profit/loss is treated.
Probably more important are the capital gains issues. If you have established that house as your main residense then you will be able to rent it out for up to 6 years and still maintain the main residence exemption. If you return before the 6 years expires you can subsequently leave again for another 6 years.
Check with a tax agent for clarification on a few of these points as depending on your circumstances things may be different for you. |
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By: newboldjamie
28/09/2008
2:41 pm Yahoo! Profile:
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My partner and I are moving back to London soon. We have owned and living in our Sydney unit for 1yr and have 21 yrs of a 30yr mortgage to pay off (p + I loan). We want to keep it as we convinced it will only go up in value over the years.
My question is what are the tax implications of renting out our property whilst living in London? E.g - Do we pay tax on the $600 rental income p/w and if so, can we still claim deductions back on this taxable income (even though we'll be outside Oz and or only Aussie income will be the rent) and/or also carry forward any additional deductions whilst outside of Oz for when we move back in x amount of yrs (maybe 5-15yrs)?
Appreciate your help as I can't find ANY info on this subject either on the web or the ATO site! We will have around $600 excess to pay each wk to cover mortgage and other costs....
Cheers. |
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