jamman

Hi,

We are moving to Oz and are planning to rent out our house.
We have no mortgage and know you can fill out the NRL1 form for rental income not taxed. From our income I take it you deduct the management fees, the monthly gas/elec home insurance, house insurance and what you have left is your income.

Other members who rent their UK house and are permant residents I have a couple of questions.
Do you put the income (after expenses) on your Oz tax form and if so do you need to fill anything out for the UK tax man . What rate is the income taxed at?

Cheers

Bermudashorts

Yes you need to enter the details on both your UK and Australian tax returns. Any tax paid in UK will be deducted from the Australian tax bill.

The tax rate will depend upon the rest of your income and what tax band you are in, it is not a flat rate.

renth

You put all the income before expenses in the income bit, then deduct the expenses in the expenses bit.