ARMSCLA

We've been in Australia for 7 months and need to sort out our tax liabilities with HMRC for income received through renting out our UK residential home, which is managed by a property management company.
I think I've worked out what expenses we can claim, given our circumstances, and have kept good evidential based records.
We're registered as non-resident landlords and assume we need to complete an online self assessment tax return?
Does anyone have any advice?
As I am paying my tax liability in the UK, do I need to declare anything to the ATO ?

Buzzy--Bee

Which visa are you on? This makes a difference.

ARMSCLA

Buzzy--Bee

OK, assuming that is a temporary visa which I think it is then you do not have to declare your overseas income to the ATO. If you get PR then you will have to.

Alan Collett

Feel able to ping a PM to me to explore your tax return obligations in the UK and in Australia.

Best regards.

Still Game

@alancollett are you able to advise of the tax implications for the opposite? Ie citizen (but not resident) of Australia, have property to rent out in Australia - but we will be living in UK?

Alan Collett

Yes, I can.

In short, the Australian net rental income is taxable in Australia - quite possibly at non resident rates of income tax (no tax free threshold, first $ of income taxable at 32.5%).

That rental income may then be taxable in the UK (note the possible use of the remittance basis of taxation in the UK). Any tax paid in Australia will be creditable against the UK tax liability on the same rental income.

Watch also for capital gains tax: https://www.bdhtax.com/capital-gains...-cgt-event-i1/

Possibly also consider UK Inheritance Tax and estate tax planning in Australia, particularly if you have non-Aus resident beneficiaries of your estate.

Feel able to contact me via a PM if you would like to discuss more fully.

Best regards.

Still Game

Thank you at @alan_collett seems perhaps not a great idea to leave property here...