Plove

Good Afternoon all


Just to a quick one, 2 parts...

If you are granted a 175 Visa and you enter Australia, if you have a rental property in the UK do you have to pay tax on the income you get ?

Once a 175 is granted does that mean you can work anywhere in Australia, in any field or do you have to do what your visa states.. i.e. IT ?

From what I have read, a 175 is green light for anywhere and anything, not clear about the Tax issue..

Thanks in Advance

Paul

Alan Collett

Once you are a permanent visaholder living in Australia your worldwide income is subject to tax in Australia.

See also tax factsheets here: http://www.collettandco.com/factsheet.cfm

Best regards.

Plove

Thank you for that, Is it the same as UK, if there is a mortagge still on the property then as long as the rent does not completely cover the mortgage payment then its not taxable as its not profit or income.?

Kind Regards

Alan Collett

In Australia if there is a loss after claiming all allowable expenses you may be able to offset the loss against your other assessable income.

Allowable expenses include mortgage interest, but not the repayment (capital) element of any payments made to the lender.

Go Matilda now assists with Australian Tax Returns (as well as UK Returns), so feel able to send me a PM or email if you would like a proposal as to our fees.

Best regards.

Plove

Thanks for that, its a lot clearer.


Kind Regards

Paul