Negative Gearing for Oversea Property on Aus Domestic Income
Mar 29th 2009, 1:29 am
#1
Account Closed
Thread Starter
Joined: Mar 2009
Posts: 383
Negative Gearing for Oversea Property on Aus Domestic Income
Just wondering, is anyone else claiming negative gearing on their Australian income for foriegn Losses on rental investment properties overseas.
My accountant isnt experienced with International rules, so I will have to go elsewhere, some accountants want ridiculous fees which I'd like to avoid.
Would the following ruling suggest rental losses overseas can be offset against your domestic income, ie negative gearing.
http://www.ato.gov.au/individuals/co....htm&page=5&H5
be good to hear and recieve clarity for anyone else in this boat.
My accountant isnt experienced with International rules, so I will have to go elsewhere, some accountants want ridiculous fees which I'd like to avoid.
Would the following ruling suggest rental losses overseas can be offset against your domestic income, ie negative gearing.
http://www.ato.gov.au/individuals/co....htm&page=5&H5
be good to hear and recieve clarity for anyone else in this boat.
Apr 2nd 2009, 3:11 am
#2
Forum Regular
Joined: Nov 2008
Posts: 42
Re: Negative Gearing for Oversea Property on Aus Domestic Income
Just wondering, is anyone else claiming negative gearing on their Australian income for foriegn Losses on rental investment properties overseas.
My accountant isnt experienced with International rules, so I will have to go elsewhere, some accountants want ridiculous fees which I'd like to avoid.
Would the following ruling suggest rental losses overseas can be offset against your domestic income, ie negative gearing.
http://www.ato.gov.au/individuals/co....htm&page=5&H5
be good to hear and recieve clarity for anyone else in this boat.
My accountant isnt experienced with International rules, so I will have to go elsewhere, some accountants want ridiculous fees which I'd like to avoid.
Would the following ruling suggest rental losses overseas can be offset against your domestic income, ie negative gearing.
http://www.ato.gov.au/individuals/co....htm&page=5&H5
be good to hear and recieve clarity for anyone else in this boat.
I was asking this a few days ago and I belive you can (not sure about depreciation) The best person to ask would be Alan Collett who is on this site.
Apr 2nd 2009, 3:19 am
#3
Account Open
Joined: Jan 2005
Location: Brisbane
Posts: 4,298
Re: Negative Gearing for Oversea Property on Aus Domestic Income
Just wondering, is anyone else claiming negative gearing on their Australian income for foriegn Losses on rental investment properties overseas.
My accountant isnt experienced with International rules, so I will have to go elsewhere, some accountants want ridiculous fees which I'd like to avoid.
Would the following ruling suggest rental losses overseas can be offset against your domestic income, ie negative gearing.
http://www.ato.gov.au/individuals/co....htm&page=5&H5
be good to hear and recieve clarity for anyone else in this boat.
My accountant isnt experienced with International rules, so I will have to go elsewhere, some accountants want ridiculous fees which I'd like to avoid.
Would the following ruling suggest rental losses overseas can be offset against your domestic income, ie negative gearing.
http://www.ato.gov.au/individuals/co....htm&page=5&H5
be good to hear and recieve clarity for anyone else in this boat.
I've just visited that link and the content seems pretty clear to me. Why not give the ATO a call and ask for their advice.
cheers
Apr 2nd 2009, 3:38 am
#4
Guest
Posts: n/a
Re: Negative Gearing for Oversea Property on Aus Domestic Income
I don't think you will get anyone on here to provide clarity or advice in this respect, as in doing so, they may inadvertently be breaking the law.
I've just visited that link and the content seems pretty clear to me. Why not give the ATO a call and ask for their advice.
cheers
I've just visited that link and the content seems pretty clear to me. Why not give the ATO a call and ask for their advice.
cheers
Sometimes I consider going back into that line, instead of enjoying myself
What do accountants charge these days, I retired from that particular line of work in about 1992.
Apr 2nd 2009, 4:06 am
#6
Guest
Posts: n/a
Re: Negative Gearing for Oversea Property on Aus Domestic Income
Actually, it explains a lot more than you think....
My daughter was told at school yesterday that she should try a bit harder at Maths, as she was very good, even though she doesn't try.
The teacher actually said that Maths must be in her genes.
I decided to check the family tree fully...
Excluding myself, her grandmum worked for the UK tax Office.
Her Grandad, we haven't found out what he did yet.
Her Great Grand-dad was an Accountant
Her Great Great Grandad was an Accountant
Her Great Great Great Grandad was.... yes, you guessed it, an Accountant, and very well known in what is now the the Lloyds/HBOS group.
She has a bit to live up to, but has said she doesn't want to be.... an Accountant....
Apr 2nd 2009, 6:38 am
#7
Account Closed
Joined: May 2006
Posts: 351
Re: Negative Gearing for Oversea Property on Aus Domestic Income
The teacher actually said that Maths must be in her genes.
I decided to check the family tree fully...
Excluding myself, her grandmum worked for the UK tax Office.
Her Grandad, we haven't found out what he did yet.
Her Great Grand-dad was an Accountant
Her Great Great Grandad was an Accountant
Her Great Great Great Grandad was.... yes, you guessed it, an Accountant, and very well known in what is now the the Lloyds/HBOS group.
....
AAaaaaaaaarrrrgghhhhhhhhh!
Apr 3rd 2009, 8:27 am
#8
Migration Agent
Joined: May 2002
Location: Offices in Melbourne, Brisbane, Perth, Geelong (Australia), and Southampton (UK)
Posts: 6,459
Re: Negative Gearing for Oversea Property on Aus Domestic Income
Just wondering, is anyone else claiming negative gearing on their Australian income for foriegn Losses on rental investment properties overseas.
My accountant isnt experienced with International rules, so I will have to go elsewhere, some accountants want ridiculous fees which I'd like to avoid.
Would the following ruling suggest rental losses overseas can be offset against your domestic income, ie negative gearing.
http://www.ato.gov.au/individuals/co....htm&page=5&H5
be good to hear and recieve clarity for anyone else in this boat.
My accountant isnt experienced with International rules, so I will have to go elsewhere, some accountants want ridiculous fees which I'd like to avoid.
Would the following ruling suggest rental losses overseas can be offset against your domestic income, ie negative gearing.
http://www.ato.gov.au/individuals/co....htm&page=5&H5
be good to hear and recieve clarity for anyone else in this boat.
Feel able to contact me by email or PM if you would like a proposal as to costs for assisting with your UK and/or Australian Tax Returns. Click on my name to the left of this posting.
Best regards.
Apr 4th 2009, 1:14 pm
#9
Account Closed
Joined: Jun 2005
Posts: 9,316
Re: Negative Gearing for Oversea Property on Aus Domestic Income
Just wondering, is anyone else claiming negative gearing on their Australian income for foriegn Losses on rental investment properties overseas.
My accountant isnt experienced with International rules, so I will have to go elsewhere, some accountants want ridiculous fees which I'd like to avoid.
Would the following ruling suggest rental losses overseas can be offset against your domestic income, ie negative gearing.
http://www.ato.gov.au/individuals/co....htm&page=5&H5
be good to hear and recieve clarity for anyone else in this boat.
My accountant isnt experienced with International rules, so I will have to go elsewhere, some accountants want ridiculous fees which I'd like to avoid.
Would the following ruling suggest rental losses overseas can be offset against your domestic income, ie negative gearing.
http://www.ato.gov.au/individuals/co....htm&page=5&H5
be good to hear and recieve clarity for anyone else in this boat.
http://britishexpats.com/forum/showt...reign+property
Apr 4th 2009, 9:19 pm
#10
BE Forum Addict
Joined: Nov 2004
Posts: 2,584
Re: Negative Gearing for Oversea Property on Aus Domestic Income
Actually, it explains a lot more than you think....
My daughter was told at school yesterday that she should try a bit harder at Maths, as she was very good, even though she doesn't try.
The teacher actually said that Maths must be in her genes.
I decided to check the family tree fully...
Excluding myself, her grandmum worked for the UK tax Office.
Her Grandad, we haven't found out what he did yet.
Her Great Grand-dad was an Accountant
Her Great Great Grandad was an Accountant
Her Great Great Great Grandad was.... yes, you guessed it, an Accountant, and very well known in what is now the the Lloyds/HBOS group.
She has a bit to live up to, but has said she doesn't want to be.... an Accountant....
Apr 5th 2009, 11:47 am
#11
BE Enthusiast
Joined: Nov 2005
Location: Melbourne
Posts: 489
Re: Negative Gearing for Oversea Property on Aus Domestic Income
Yep, we do. We've always made a slight loss on our property in the UK (rent didn't cover the mortgage at first, then tenants trashed it...) so we've always claimed that back from the AU tax man. However, I suspect if you make money on your property you pay tax in both places.
