Renting out house in UK, when we go to Oz
#1
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Hi,
We are thinking it might be an investment to keep our properties in the UK on, when we go to Oz and rent them out and then just buy in Oz when we're ready.
Anyone already done this? or is it complicated 'cos you're out of the country?
Any offers of advice
Thanks OB
We are thinking it might be an investment to keep our properties in the UK on, when we go to Oz and rent them out and then just buy in Oz when we're ready.
Anyone already done this? or is it complicated 'cos you're out of the country?
Any offers of advice
![Wink](https://britishexpats.com/forum/images/smilies/wink.gif)
Thanks OB
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#2
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we are in the process of doing it we are using a management company and also have a form to complete for tax purposes
Not too difficult at all. We have authorised the management company to use up to £150 of the rent for repairs and if any more have to contact us.
It is easier if you have family nearby we havent
Kim
Not too difficult at all. We have authorised the management company to use up to £150 of the rent for repairs and if any more have to contact us.
It is easier if you have family nearby we havent
Kim
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#3
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Remember that the ATO will tax you on the rental income.
G
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We don't expect to get any income as such from doing this, only for the rent to cover the mortgage payments and a small amount left over which would be put aside for repairs etc. Would the ATO take into consideration the amount that would be put aside for tax purposes or the whole rental amount iykwim?
Thanks
ob
Thanks
ob
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#5
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We don't expect to get any income as such from doing this, only for the rent to cover the mortgage payments and a small amount left over which would be put aside for repairs etc. Would the ATO take into consideration the amount that would be put aside for tax purposes or the whole rental amount iykwim?
Thanks
ob
Thanks
ob
There are various tax offsets.
It is best to be aware of the tax implications though.
G
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cheers for now
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#7
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Best to get three estate agents to value the property in writing before you rent it out. Make sure that they are the highest valuations that you can get!!!
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Remember however, that you will be liable for a capital gains tax should you sell the property in the future (if you own another home and depending on circumstances) which will be the difference between what the house is worth at the time you START to rent it out and the point of sale.
Best to get three estate agents to value the property in writing before you rent it out. Make sure that they are the highest valuations that you can get!!!
as this will then minimise the capital gains potential in the future.
Best to get three estate agents to value the property in writing before you rent it out. Make sure that they are the highest valuations that you can get!!!
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So if I have a shortfall in my mortgage say.
My mortgage is 900 a month
I get rental of 750
I have a shortfall of 150, does this mean i can get tax incentives of negative gearing or does this only apply to aussie homes...
My mortgage is 900 a month
I get rental of 750
I have a shortfall of 150, does this mean i can get tax incentives of negative gearing or does this only apply to aussie homes...
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