Tax Q's being a Aus resident
May 6th 2009, 4:58 am
#1
Forum Regular
Thread Starter
Joined: Jun 2006
Location: Phillip Island, VIC
Posts: 259
Tax Q's being a Aus resident
Have a few questions regarding tax wondered if anyone can help.
Moved here as a Aus resident Nov 2009, filled out a leaving the country form before i left and got small rebate from job, (PAYE)
Have recieved a self assessment tax form at C/o address in UK, do i need to fill this out. We rent our house out in UK, what form do i need to fill in to declare and do i just pay tax on the profit after the mortgage has been paid and agents fees etc? Also do myself and husband need to fill out seperate forms regarding this. He has his accounts done seperately for work as he is self employed.
Also finally if we buy a house in Oz and still have one in UK when we sell in UK are we liable for capital gains, how much is this??
Thanks in advance,so confusing!!
Moved here as a Aus resident Nov 2009, filled out a leaving the country form before i left and got small rebate from job, (PAYE)
Have recieved a self assessment tax form at C/o address in UK, do i need to fill this out. We rent our house out in UK, what form do i need to fill in to declare and do i just pay tax on the profit after the mortgage has been paid and agents fees etc? Also do myself and husband need to fill out seperate forms regarding this. He has his accounts done seperately for work as he is self employed.
Also finally if we buy a house in Oz and still have one in UK when we sell in UK are we liable for capital gains, how much is this??
Thanks in advance,so confusing!!
May 6th 2009, 5:14 am
#2
Bitter and twisted
Joined: Dec 2003
Location: Upmarket
Posts: 17,503
Re: Tax Q's being a Aus resident
Have a few questions regarding tax wondered if anyone can help.
Moved here as a Aus resident Nov 2009, filled out a leaving the country form before i left and got small rebate from job, (PAYE)
Have recieved a self assessment tax form at C/o address in UK, do i need to fill this out. We rent our house out in UK, what form do i need to fill in to declare and do i just pay tax on the profit after the mortgage has been paid and agents fees etc? Also do myself and husband need to fill out seperate forms regarding this. He has his accounts done seperately for work as he is self employed.
Also finally if we buy a house in Oz and still have one in UK when we sell in UK are we liable for capital gains, how much is this??
Thanks in advance,so confusing!!
Moved here as a Aus resident Nov 2009, filled out a leaving the country form before i left and got small rebate from job, (PAYE)
Have recieved a self assessment tax form at C/o address in UK, do i need to fill this out. We rent our house out in UK, what form do i need to fill in to declare and do i just pay tax on the profit after the mortgage has been paid and agents fees etc? Also do myself and husband need to fill out seperate forms regarding this. He has his accounts done seperately for work as he is self employed.
Also finally if we buy a house in Oz and still have one in UK when we sell in UK are we liable for capital gains, how much is this??
Thanks in advance,so confusing!!
It is not as simple as declaring the 'profit' as you can not claim back all your mortgage payments....you can only claim for interest and expenses.
You may be able to 'use' your UK allowance and maybe some offsets.
You really need to discuss this with a tax advisor.
G
May 6th 2009, 5:24 am
#3
Forum Regular
Joined: Jan 2008
Location: Melbourne
Posts: 193
Re: Tax Q's being a Aus resident
Hi there,
Don't know all the answers but in terms of receiving income from your UK rented property - you need to (separately) fill out a NRL1 form and send it back to the HMRC. Unless you are making a large surplus from the monthly rent after the agents fees/mortgage etc are paid then you can generally receive that income without paying tax on it. I have also received a self assessment form in the last month and I have queried whether I need to fill it out. You can query directly via the HMRC website. I'm waiting for an answer but it's only been a couple of days and I did receive a personal acknowledgement from them so hopefully they won't be too bad.
Don't know all the answers but in terms of receiving income from your UK rented property - you need to (separately) fill out a NRL1 form and send it back to the HMRC. Unless you are making a large surplus from the monthly rent after the agents fees/mortgage etc are paid then you can generally receive that income without paying tax on it. I have also received a self assessment form in the last month and I have queried whether I need to fill it out. You can query directly via the HMRC website. I'm waiting for an answer but it's only been a couple of days and I did receive a personal acknowledgement from them so hopefully they won't be too bad.
May 6th 2009, 5:31 am
#4
Bitter and twisted
Joined: Dec 2003
Location: Upmarket
Posts: 17,503
Re: Tax Q's being a Aus resident
Hi there,
Don't know all the answers but in terms of receiving income from your UK rented property - you need to (separately) fill out a NRL1 form and send it back to the HMRC. Unless you are making a large surplus from the monthly rent after the agents fees/mortgage etc are paid then you can generally receive that income without paying tax on it. I have also received a self assessment form in the last month and I have queried whether I need to fill it out. You can query directly via the HMRC website. I'm waiting for an answer but it's only been a couple of days and I did receive a personal acknowledgement from them so hopefully they won't be too bad.
Don't know all the answers but in terms of receiving income from your UK rented property - you need to (separately) fill out a NRL1 form and send it back to the HMRC. Unless you are making a large surplus from the monthly rent after the agents fees/mortgage etc are paid then you can generally receive that income without paying tax on it. I have also received a self assessment form in the last month and I have queried whether I need to fill it out. You can query directly via the HMRC website. I'm waiting for an answer but it's only been a couple of days and I did receive a personal acknowledgement from them so hopefully they won't be too bad.
You may not have to pay much but you need to declare it.
G
May 6th 2009, 6:11 am
#5
Forum Regular
Joined: Jan 2008
Location: Melbourne
Posts: 193
Re: Tax Q's being a Aus resident
Hi there,
Don't know all the answers but in terms of receiving income from your UK rented property - you need to (separately) fill out a NRL1 form and send it back to the HMRC. Unless you are making a large surplus from the monthly rent after the agents fees/mortgage etc are paid then you can generally receive that income without paying UK tax on it. I have also received a self assessment form in the last month and I have queried whether I need to fill it out. You can query directly via the HMRC website. I'm waiting for an answer but it's only been a couple of days and I did receive a personal acknowledgement from them so hopefully they won't be too bad.
Don't know all the answers but in terms of receiving income from your UK rented property - you need to (separately) fill out a NRL1 form and send it back to the HMRC. Unless you are making a large surplus from the monthly rent after the agents fees/mortgage etc are paid then you can generally receive that income without paying UK tax on it. I have also received a self assessment form in the last month and I have queried whether I need to fill it out. You can query directly via the HMRC website. I'm waiting for an answer but it's only been a couple of days and I did receive a personal acknowledgement from them so hopefully they won't be too bad.
May 6th 2009, 10:24 am
#7
Forum Regular
Thread Starter
Joined: Jun 2006
Location: Phillip Island, VIC
Posts: 259
Re: Tax Q's being a Aus resident
We already filled out this form before leaving UK, thanks for your advice i have just got intouch with HMRC through the website. So am i right in saying if we declare this to UK Inland Rev and pay taxes to UK we don't have to pay them in Oz too?
Hi there,
Don't know all the answers but in terms of receiving income from your UK rented property - you need to (separately) fill out a NRL1 form and send it back to the HMRC. Unless you are making a large surplus from the monthly rent after the agents fees/mortgage etc are paid then you can generally receive that income without paying tax on it. I have also received a self assessment form in the last month and I have queried whether I need to fill it out. You can query directly via the HMRC website. I'm waiting for an answer but it's only been a couple of days and I did receive a personal acknowledgement from them so hopefully they won't be too bad.
Don't know all the answers but in terms of receiving income from your UK rented property - you need to (separately) fill out a NRL1 form and send it back to the HMRC. Unless you are making a large surplus from the monthly rent after the agents fees/mortgage etc are paid then you can generally receive that income without paying tax on it. I have also received a self assessment form in the last month and I have queried whether I need to fill it out. You can query directly via the HMRC website. I'm waiting for an answer but it's only been a couple of days and I did receive a personal acknowledgement from them so hopefully they won't be too bad.
