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Old Mar 31st 2017, 7:27 am   #1
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Default Declairing UK Investment Income in Australian Tax Return

Hi
I under my aussie accountants adviceI have been declaring my income from UK investments (managed by an investment management company in the UK) in my yearly tax lodgement and the amount of tax I have to pay is killing me! I don't bring the money over it just builds up as an investment. Does anyone else experience this or can over any advice on how I can reduce the bill.
Thanks
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Old Mar 31st 2017, 10:45 pm   #2
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Default Re: Declairing UK Investment Income in Australian Tax Return

Two things:

1) If you are in Australia as a temporary resident then you will not be liable to Australian tax on your passive eg. investment and rental income overseas, and

2) Even if you are a permanent resident or Oz citizen you will receive a tax offset in relation to tax paid in the UK

If the income is substantial I would suggest more specific tax advice. If 1) applies in your situation, find another accountant and seek to recover any extra tax you have paid.
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Old Apr 3rd 2017, 10:35 pm   #3
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Default Re: Declairing UK Investment Income in Australian Tax Return

Thanks for the information. I am a permenant resident. Could you elaborate on the tax off set? Does that come from the UK side of things?
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Old Apr 3rd 2017, 10:59 pm   #4
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Default Re: Declairing UK Investment Income in Australian Tax Return

Quote:
Originally Posted by sophies286 View Post
Thanks for the information. I am a permenant resident. Could you elaborate on the tax off set? Does that come from the UK side of things?
On the Oz Sup tax return question Question 20 E Foreign source income and foreign assets or property
You input your foreign earning here and further on down O Foreign income tax offset is where you put the figure for UK income tax paid.
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Old Apr 4th 2017, 7:00 am   #5
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Default Re: Declairing UK Investment Income in Australian Tax Return

Sophie - if you also pay tax in the UK on your investment income, then I think you need a new accountant. He/she should be aware of the double taxation agreement between the UK and Australia https://www.gov.uk/tax-uk-income-liv...ad/taxed-twice
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