UK house rental - oz income tax implications

[Guest BurgessFamily]

Hi,

 

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.

[Alan Collett]

Maybe request the Moving Overseas and Letting a UK Property tax factsheet here:

http://www.collettandco.com/factsheet.cfm

 

We also have a Tax FAQs schedule - send me an email (click on my name to the lefy of this post) if you would like me to send it to you.

 

Best regards.

[stomky]

Hi, think it depends on the visa your on over here, we're on a 457, when attempting my ozzy tax return on-line (have now knocked that on the head) it said that those on temporary visas didn't have to declare overseas properties, might be different if your permnent visa holders?

 

Must say we are having probs with the tax office in the UK, we sent all our forms to declare tax free rental income as we are overseas, sent off both our individual forms together, way before we left the country,they lost hubs but mines all sorted, still trying to get his sorted now we are here, but they keep sending us the wrong forms, feel like going home for a coupla weeks just to sort it out!!