Rocky

Accountant understanding uk tax ?

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    Hi

    can anyone recommend an accountant who understands both Australia and UK tax systems ?

    I have been in Adelaide for a couple of months now so still finding my feet especially where money issues are concerned. I have rental income from uk and so need to understand what tax will be payable in both countries .

    I live in flagstaff hill so anyone local to there would be a bonus

    thanks for any info

    Dawn

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    Hi Dawn

     

    It's actually quite straight forward really in relation to UK rental income.

     

    Firstly, it is only declarable in Oz if somewhere is a permanent resident, if a temporary resident then there is generally an exemption in place meaning UK rental income does not have to be declared in Oz.

     

    So if someone is a permanent resident the rental income will have to be declared here and then any allowable deductions can be deducted i.e mortgage interest, agent fees etc therefore tax is only payable on actual profit.

     

    You should also be declaring the income in the UK and if any tax has to be paid in the UK a tax credit can apply in Oz.

     

    A lot of people have rented their UK home out and most Aussie Accountants should be able to cope with this, however you may wish to try Doug Booth at Southern Taxation Services in Christies Beach as he is an expat himself and has a very big Pommie client base so is used to dealing with this type of situation.

     

    Regards

     

     

    Andy

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    Thanks for the advice.

    The property I rent out is a commercial property so unsure of tax position . I am a permanent resident though so thought I'd have to declare it here.

    Ill give Doug Booth a call

    thanks again

    Dawn

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