We couldn't sell our uk house after knocking it down from £147k to £125k. Lots of people looking but no-one putting an offer in (kept getting told they couldn't get mortgages).
Anyhow, we changed to a buy-to-let mortgage and have it rented out at £525 per month. The management company take 10% and a months rental whenever a new contract is signed, plus whenever there is some maintenance or certificate renewal (gas etc...).
The mortgage is £450 per month and is a repayment mortgage (fixed for 3 yrs).
Basically how do i declare this with regards to oz tax?? We don't get any money sent over to oz, but obviously the mortgage is slowly being paid off (after the interest @ 4.99%, and whenever there is a tenant!). So far we have paid more out than received (being only the second month here).
Any help in this minefield, much appreciated!!! thanks.