Skit78 Posted April 14, 2013 Report Share Posted April 14, 2013 Hi all. is there anyone currently renting there house back in the uk, and if so are you earning a small income on your rent once your mortgage is paid.if so do you have to declare this small income once in Oz ? also how would this all work out with paying the tax on this income would you have to pay this in the uk or Oz. I'm quite new to this renting business I have a house I have rented out for around 6 months now and when we come over to Oz I will have two property's being renting out and also a holiday apartment witch I rent out but don't get to much income on this as it is seasonal and by the time I pay ground rent and someone to look after it for me there's not much left in the pot. Many thanks for any advise. Can not wait to move to Oz myself. So much to do and so little time. Scott Quote Link to comment Share on other sites More sharing options...
gazza18 Posted April 14, 2013 Report Share Posted April 14, 2013 Hi Scott I,m renting out my house in the UK but not actually in Perth yet thought i'd rent it out for a while while I'm still here n what a nightmare its been Iv e had problem after problem with the letting agent and glad I was here to sort things out, Thinking of selling now don t know if I can put up with all the hassle being thousands of miles away I don t make on mine so don t pay tax But one thing I was informed on was that if you have mortgages in the UK this will be took into consideration when applying for a mortgage in Oz and I was told not to tell the mortgage brokers or banks about mortgages in the UK when applying, right or wrong I don t know Gary Quote Link to comment Share on other sites More sharing options...
Skit78 Posted April 14, 2013 Author Report Share Posted April 14, 2013 Hi Gary thanks for the info. I would like to find out about not telling the banks / mortgage lenders over there as I would of thought it would help you having more money tied up in property ? Maybe it works drifferent over there. i can see how your thinking of selling as if your 1000s of miles away it could be quite difficult to sort things out its not like you can just hop on a plane and come back to sort things lol. Anyway many thanks for your info, when you off over there ? Hope it all works well for you reguards scott Quote Link to comment Share on other sites More sharing options...
gazza18 Posted April 14, 2013 Report Share Posted April 14, 2013 Hi Scott I,m looking to go over towards the end of September Ye your mortgage in England is taken into account and taken off your lending power in Oz When are you off out mate Gary Quote Link to comment Share on other sites More sharing options...
ali Posted April 14, 2013 Report Share Posted April 14, 2013 I would imagine that if you receive an income from your rental, you will need to declare it when you fill in your tax return Quote Link to comment Share on other sites More sharing options...
StraighttothePoint Posted April 15, 2013 Report Share Posted April 15, 2013 Once you are registered in Oz for tax purposes then all forms of income, including any derived from overseas, should be declared on your tax return here. This can include rental income, bank or savings interest, pension lump sum payouts, endowment policy lump some payouts, regular pension payments and so on. Quote Link to comment Share on other sites More sharing options...
phil Posted April 15, 2013 Report Share Posted April 15, 2013 we rented our uk house out for a couple of years. in hindsight, we should have got rid of it. our letting agents were brilliant and took care of it all, but filling in two sets of tax returns was a pain. individual circumstances will vary, but if I was emigrating again, i'd sell the house. i'm not sure oz banks would view having a uk house as a plus either - assuming it's mortgaged. if problems arise they may not like the idea of you having to service a foreign debt before s domestic one. Quote Link to comment Share on other sites More sharing options...
Skit78 Posted April 16, 2013 Author Report Share Posted April 16, 2013 Hi Gary we are off in July for 5 weeks and then back to uk till dec/1st jan and one way ticket . We're not sure where we are going yet as we been to have a look around . Do you know where you are goin ? Good luck with it all . Quote Link to comment Share on other sites More sharing options...
Skit78 Posted April 16, 2013 Author Report Share Posted April 16, 2013 Hi to all many thanks for your replies reguards Scott Quote Link to comment Share on other sites More sharing options...
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