Keeping a property in Australia
 

I am in the unfortunate situation of being unable to sell my home here in Austalia (Sydney) and am now looking to let it out. Has anyone else had to do this? Does anybody know the tax implications of doing so? What are the best ways of dealing with this? The property would be easy to let and I have been advised that it would be easy to sell when the market picks up again.

Does anyone else find themselves in the same situation?

Re: Keeping a property in Australia
 

We are going to do exactly the same thing. We've probably lost a bit on our place and don't need the money to move back. So thinking that we will leave it ticking over - it is already rented out and rent covers mortgage. Not sure on tax implications but will find out soon before our move back in Aug 06.

Re: Keeping a property in Australia
 

Hey - Merlot - didn't I read a while back that you have a place over here? What are the pros and cons?

Re: Keeping a property in Australia
 

That is exactly how we are. We could go to auction and take a loss (which we are contemplating) or we let it out for a couple of years and then sell. We don't think that we will come back in the short term and we can get by back in the UK without selling it. I just don't want any financial complications emerging whilst on the other side of the world.

Re: Keeping a property in Australia
 

We have a place in Brissy that we rent out via an agent. We have no intention of selling it...our little nest egg shall we say.!!

:)

Re: Keeping a property in Australia
 

I knew someone had a place here - have you had any big issues with it? Our agent has been pretty good as we spelt it out to her that we want it maintained well (hope that it might be a holiday home one day - we're a couple of dreamers!). I is a worry that we won't be able to do a drive by every so often.

Re: Keeping a property in Australia
 

Hi

No probs our agent is very good...the tenants are just leaving so it will be up for rent again. Hopefully it won't be vacant for long as very close to CBD.

Thats all you can do....I would love to go back now and again to check on it and have a few days holiday...dream on eh !!!
:)

Re: Keeping a property in Australia
 

You'll have no problems at all being close to the CBD. We are renting close to the city and there were 25 of us that turned up the view the place we are now in!

We talk about coming back every 3 years for a holiday and to check up on the house etc. In reality we both know that we won't!

Re: Keeping a property in Australia
 

Not sure how much help this will be but. We rent our house out in New Zealand. We use an agent (that is crap) but heh.

I fill a self assesment tax return in for NZ detailing the income and expenses and that's that. The losses I can offset aginst income tax or carry forward to the next year to offset against future gains.

Re: Keeping a property in Australia
 

Thanks for that - I am hoping it works the same here.