stotty

Hi everyone!

Just got my visa so no more putting off the details of what to do with the house! Not sure whether to sell or let it out.

Anyone in Oz that's still got a property in England that they're letting out? Was it a hassle sorting it out? What's the tax situation? Any regrets about not selling?

Any info. would be much appreciated. Thanks.

Steve.

teresa.c

There has been loads of info on this in the past, check out the search. There was a brill link from Alan Collette which may help, cant remember it off hand but a search should bring it up!!
Good luck!

stotty

Thanks Teresa - nice one! Will have a look and check it out.

Alan Collett

Steve,

The attached tax factsheet might help.

Best regards.

stotty

Thanks Alan - nice one! Much appreciated :-)

Terry

Hi Stotty

Have you made any decisions?

We are going to sell but have thought about letting should the property prices here go pear shape.

Terry

stotty

Hi Terry,

Not sure what I'm going to do yet. Alan's factsheet (see previous replies) is really good - if a bit scary! Looks like there wouldn't be too much, if any, tax to pay - it might take a bit of paperwork to sort out though!

Gut feeling is to sell. The only reasons I'm considering letting is in case things don't work out and because I won't need the money from my house for a year (renting 'til then) so I figure the return would be better than in a bank account.

I'll let you know as and when I decide what I'm going to do.

bored_bean

Ahh but if it's in a bank account, you can transfer it when the $/£ rate is good.

Alan Collett

Except that you might have an assessable capital gain if the value of your GBP's increases between the date that you become a tax resident in Australia and the date you convert to A$'s.

Best regards.

bored_bean

Good batting Thinkman. You're damned if you do and damned if you don't.

stotty

And there was me thinking that getting a visa was the complicated bit! :-) Thanks guys - food for thought.