Australian Tax System vs UK one...
#1
'Made in Ulster' Member
Thread Starter
Joined: Dec 2008
Location: Brisbane, QLD. (Though an Ulster girl through and through!)
Posts: 6,578
Australian Tax System vs UK one...
So today we visited an accountant about our first Aussie tax return, and it appears that the tax system over here is quite good, if not better than the UK one, am I being a bit thick in thinking that or is it true!?
Also, maybe some of you accountants can clear this up, I thought because I was at a loss on my UK property (I'm over £100 out of pocket each month) that this could be 'offset' or something against my Aussie tax thingymajigger, he said it couldn't, so where did I get the idea that it could!?
Also, maybe some of you accountants can clear this up, I thought because I was at a loss on my UK property (I'm over £100 out of pocket each month) that this could be 'offset' or something against my Aussie tax thingymajigger, he said it couldn't, so where did I get the idea that it could!?
#2
Re: Australian Tax System vs UK one...
So today we visited an accountant about our first Aussie tax return, and it appears that the tax system over here is quite good, if not better than the UK one, am I being a bit thick in thinking that or is it true!?
Also, maybe some of you accountants can clear this up, I thought because I was at a loss on my UK property (I'm over £100 out of pocket each month) that this could be 'offset' or something against my Aussie tax thingymajigger, he said it couldn't, so where did I get the idea that it could!?
Also, maybe some of you accountants can clear this up, I thought because I was at a loss on my UK property (I'm over £100 out of pocket each month) that this could be 'offset' or something against my Aussie tax thingymajigger, he said it couldn't, so where did I get the idea that it could!?
#3
Lost in BE Cyberspace
Joined: Apr 2004
Posts: 10,375
Re: Australian Tax System vs UK one...
I know one thing they are better about info sharing than the UK, gov depts share all sorts of info about you, bank interst, property, trips overseas, they know the lot.
#4
Re: Australian Tax System vs UK one...
UK
MP's expenses
EU contributions and MEP's expenses
Million Pound houses for asylum seekers
World Wide Junkets.
Illegal War in Iraq
Handouts to the workshy
Overseas aid to Mugabee and other African despots.
Australia
$600,000 year pension & expenses for failed PM's
$900 cheques to everyone for doing nothing
$43 Billion on the National Broadband Network white elephant.
Junkets to Copenhagen for 114 people to discuss hot air.
etc.
#5
Account Closed
Joined: Jul 2005
Posts: 1,693
Re: Australian Tax System vs UK one...
etc.[/QUOTE]
UK tax is completely broken and fkd up
Ex employee
UK tax is completely broken and fkd up
Ex employee
#6
Re: Australian Tax System vs UK one...
garbage collection, sporting fields ,parks, libraries, kerbs and gutters
water, power, health care, education, transport, Police
defence, immigration, trade, communications, social security and welfare
Taxes, a necessary evil I'm afraid
#7
Re: Australian Tax System vs UK one...
water, power, health care, education, transport, Police) on top of your tax in your council rates. That leaves defence, immigration, trade, communications, social security and welfare
Well all the defense does is pick up asylum seekers and gives them a warm bed. immigration is paid for by the applicants. Not sure about trade but I think the whole world knows we are a quarry. Communications would be fine if Conjob butted out. That leaves social security and welfare. Guess that's where most of it goes.
#8
Guest
Posts: n/a
Re: Australian Tax System vs UK one...
So today we visited an accountant about our first Aussie tax return, and it appears that the tax system over here is quite good, if not better than the UK one, am I being a bit thick in thinking that or is it true!?
Also, maybe some of you accountants can clear this up, I thought because I was at a loss on my UK property (I'm over £100 out of pocket each month) that this could be 'offset' or something against my Aussie tax thingymajigger, he said it couldn't, so where did I get the idea that it could!?
Also, maybe some of you accountants can clear this up, I thought because I was at a loss on my UK property (I'm over £100 out of pocket each month) that this could be 'offset' or something against my Aussie tax thingymajigger, he said it couldn't, so where did I get the idea that it could!?
I like the Australian system, and have prepared tax returns for a living in both countries.
Regarding your losses, the system changed not that long ago, and not all tax agents keep as up to date as one might hope:
Previously, deductions incurred in deriving foreign income were applied against assessable foreign income of the same class (of which there were four).
Where the deductions exceeded the assessable foreign income of that class, the resulting foreign loss was quarantined from domestic income, and could only be applied against future income of that class.
For income years commencing on or after 1 July 2008, foreign losses will no longer be quarantined into separate classes, nor will they be quarantined from domestic assessable income.
The distinction between what is foreign and what is domestic will be removed for the purposes of applying deductions and prior-year losses.
That is, deductions and prior-year losses that are applied by a taxpayer to reduce their assessable income may include both a foreign and domestic component.
http://www.ato.gov.au/individuals/co....htm&page=5&H5
Where the deductions exceeded the assessable foreign income of that class, the resulting foreign loss was quarantined from domestic income, and could only be applied against future income of that class.
For income years commencing on or after 1 July 2008, foreign losses will no longer be quarantined into separate classes, nor will they be quarantined from domestic assessable income.
The distinction between what is foreign and what is domestic will be removed for the purposes of applying deductions and prior-year losses.
That is, deductions and prior-year losses that are applied by a taxpayer to reduce their assessable income may include both a foreign and domestic component.
http://www.ato.gov.au/individuals/co....htm&page=5&H5
#10
Re: Australian Tax System vs UK one...
I think you will find that you pay for most of those things(garbage collection, sporting fields ,parks, libraries, kerbs and gutters
water, power, health care, education, transport, Police) on top of your tax in your council rates. That leaves defence, immigration, trade, communications, social security and welfare
Well all the defense does is pick up asylum seekers and gives them a warm bed. immigration is paid for by the applicants. Not sure about trade but I think the whole world knows we are a quarry. Communications would be fine if Conjob butted out. That leaves social security and welfare. Guess that's where most of it goes.
water, power, health care, education, transport, Police) on top of your tax in your council rates. That leaves defence, immigration, trade, communications, social security and welfare
Well all the defense does is pick up asylum seekers and gives them a warm bed. immigration is paid for by the applicants. Not sure about trade but I think the whole world knows we are a quarry. Communications would be fine if Conjob butted out. That leaves social security and welfare. Guess that's where most of it goes.
#11
Re: Australian Tax System vs UK one...
So today we visited an accountant about our first Aussie tax return, and it appears that the tax system over here is quite good, if not better than the UK one, am I being a bit thick in thinking that or is it true!?
Also, maybe some of you accountants can clear this up, I thought because I was at a loss on my UK property (I'm over £100 out of pocket each month) that this could be 'offset' or something against my Aussie tax thingymajigger, he said it couldn't, so where did I get the idea that it could!?
Also, maybe some of you accountants can clear this up, I thought because I was at a loss on my UK property (I'm over £100 out of pocket each month) that this could be 'offset' or something against my Aussie tax thingymajigger, he said it couldn't, so where did I get the idea that it could!?
If your mortgage is not interest only and you are paying capital off as well, you can't claim the capital part. So if the rent covers the mortgage interest and other expenses but not the capital you won't be able to offset that against your Oz income.
Hope this helps.
ABCD's link:-
http://www.ato.gov.au/individuals/co....htm&page=5&H5