Renting in UK and the Australian Tax Office
#1
Renting in UK and the Australian Tax Office
Hi all,
Just wondered what happens if I decide to rent out my non-selling UK flat when I go to Oz. How do the ATO tax the income I gain from the rent? Is it gains I make after paying the mortgage, or is it before that?
It's just that I will probably just break even, so just paying off mortgage in fact. If the ATO tax the rent I get, then I cannot cover the monthly payments in the UK.
Any help welcome.
Thanks
Paul
Just wondered what happens if I decide to rent out my non-selling UK flat when I go to Oz. How do the ATO tax the income I gain from the rent? Is it gains I make after paying the mortgage, or is it before that?
It's just that I will probably just break even, so just paying off mortgage in fact. If the ATO tax the rent I get, then I cannot cover the monthly payments in the UK.
Any help welcome.
Thanks
Paul
#2
Re: Renting in UK and the Australian Tax Office
Originally Posted by gajjitt
Hi all,
Just wondered what happens if I decide to rent out my non-selling UK flat when I go to Oz. How do the ATO tax the income I gain from the rent? Is it gains I make after paying the mortgage, or is it before that?
It's just that I will probably just break even, so just paying off mortgage in fact. If the ATO tax the rent I get, then I cannot cover the monthly payments in the UK.
Any help welcome.
Thanks
Paul
Just wondered what happens if I decide to rent out my non-selling UK flat when I go to Oz. How do the ATO tax the income I gain from the rent? Is it gains I make after paying the mortgage, or is it before that?
It's just that I will probably just break even, so just paying off mortgage in fact. If the ATO tax the rent I get, then I cannot cover the monthly payments in the UK.
Any help welcome.
Thanks
Paul
Jeremy
#3
Migration Agent
Joined: May 2002
Location: Offices in Melbourne, Brisbane, Perth, Geelong (Australia), and Southampton (UK)
Posts: 6,459
Re: Renting in UK and the Australian Tax Office
The tax factsheets here might be of interest:
http://www.collettandco.co.uk/factsheet.cfm
Best regards.
http://www.collettandco.co.uk/factsheet.cfm
Best regards.
Originally Posted by gajjitt
Hi all,
Just wondered what happens if I decide to rent out my non-selling UK flat when I go to Oz. How do the ATO tax the income I gain from the rent? Is it gains I make after paying the mortgage, or is it before that?
It's just that I will probably just break even, so just paying off mortgage in fact. If the ATO tax the rent I get, then I cannot cover the monthly payments in the UK.
Any help welcome.
Thanks
Paul
Just wondered what happens if I decide to rent out my non-selling UK flat when I go to Oz. How do the ATO tax the income I gain from the rent? Is it gains I make after paying the mortgage, or is it before that?
It's just that I will probably just break even, so just paying off mortgage in fact. If the ATO tax the rent I get, then I cannot cover the monthly payments in the UK.
Any help welcome.
Thanks
Paul