Tax while in Oz
Jul 24th 2002, 2:39 pm
#1
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Thread Starter
Joined: Jul 2002
Location: Wimbledon, London
Posts: 4
Tax while in Oz
My wife and I are just starting the ACS assessment phase of our skilled migration to Australia. We rent a couple of flats out in the UK and want to keep these going as a supplementary income when we move there.
I have seen the thread about capital gains but wanted to ask if anyone new how any income (above interest and costs) from the rented property would be managed? Either in the UK or Oz as an overseas income.
Thanks
Darren
I have seen the thread about capital gains but wanted to ask if anyone new how any income (above interest and costs) from the rented property would be managed? Either in the UK or Oz as an overseas income.
Thanks
Darren
Jul 31st 2002, 12:20 pm
#2
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Posts: n/a
Re: Tax while in Oz
Rental income is taxable in both countries. However:
- you will have personal allowances in the UK, to offset against the profit from
renting the properties.
- Yes, the profit on renting the property will be taxable in Australia once you move
there. You won't have to pay tax twice however, as far as I know. I think any UK
tax you have to pay can be offset against Australian tax.
You should consider getting some professional advice on your tax position before
deciding what to do.
Jeremy
>On 24 Jul 2002 15:20:18 GMT, oldblues_no7 <[email protected]> wrote: My wife
>and I are just starting the ACS assessment phase of our skilled migration to
>Australia. We rent a couple of flats out in the UK and want to keep these going as a
>supplementary income when we move there.
>
>I have seen the thread about capital gains but wanted to ask if anyone new how any
>income (above interest and costs) from the rented property would be managed? Either
>in the UK or Oz as an overseas income.
>
>Thanks Darren
>
>
>
>--
- you will have personal allowances in the UK, to offset against the profit from
renting the properties.
- Yes, the profit on renting the property will be taxable in Australia once you move
there. You won't have to pay tax twice however, as far as I know. I think any UK
tax you have to pay can be offset against Australian tax.
You should consider getting some professional advice on your tax position before
deciding what to do.
Jeremy
>On 24 Jul 2002 15:20:18 GMT, oldblues_no7 <[email protected]> wrote: My wife
>and I are just starting the ACS assessment phase of our skilled migration to
>Australia. We rent a couple of flats out in the UK and want to keep these going as a
>supplementary income when we move there.
>
>I have seen the thread about capital gains but wanted to ask if anyone new how any
>income (above interest and costs) from the rented property would be managed? Either
>in the UK or Oz as an overseas income.
>
>Thanks Darren
>
>
>
>--
