Need help - uk & oz tax specialists req'd - Adelaide. O/seas rental income & CG Tax

[the beak]

Not had much luck posting in other threads witin this forum...........

 

G'day,

 

Can anybody advise me of any specialists in this area?

 

I have numerous questions relating to the subject matter & am looking for an initial phone call, with a view to scheduling an appointment in person.

 

----------------------------

 

I have researched numerous posts on here on the subject and have a broad understanding of it, but have specific questions unanswered.

 

E.g - what other deduction can I claim from my uk rental income on my Oz tax return, such as the uk 10% wear and tear deduction, for furnishing etc ( im aware of the common ones, loan interest, insurance, maint, council fees etc)

 

Regards

 

Dean

[Andrew from Vista Financial]

Hi Dean

 

Have you tried Alan Collett (@Alan Collett)?

[the beak]

Hi Dean

 

Have you tried Alan Collett (@Alan Collett)?

 

 

 

Thanks Andrew,

 

Yep, I've tried gmtax. Discussed briefly with receptionists who took down subject and my details last week and twice this week...........no calls returned as of yet though.

[MARYROSE02]

I don't know if you CAN claim deductions on UK rent on your Aussie tax return, but I assume any Australian tax agent will be able to help you with that. Make an appointment with H and R Block, or somebody else.

 

I claim deductions for my UK rented home on my UK tax return, which I do online, and I tell my accountant in Australia the value of my income from the UK, which I assume he adds to my ATO return. (I don't know why I did not ask him. Was there something about 10 per cent of my UK income being taxed/declared?)

 

I suppose you may be able to declare your UK outgoings on your ATO return if that is the only one you do, but I thought you had to submit a return to HMRC if you have UK income? There is a 'double taxation' agreement between the two countries so you don't pay tax twice?

 

Get a form from HMRC to return to them so you don't have UK NRL tax deducted as you are an Aussie resident, something which took me five years to get around to doing. I used to get it all back when I submitted my UK return. My letting agent in the UK deducted it each month.

 

Someone on PIO did tell me that I should not be submitting my HMRC return online, which I mean to investigate. I'm almost scared to ask HMRC as I've been submitting them online to them for the last five years. Naturally, I had to apply to them in the first place to register for the service.

 

I've always done my UK tax myself and always used an accountant for my Australian return. I don't know which is better? Tax agents/accountants usually know all there is to know. and there's less problems with due dates and the like, and their fee is tax deductable too.

 

When I've had a query about my UK tax, I've had no problem telephoning or emailing HMRC (using the website for the latter.) I only recently telephoned them about my NRL tax. I had submitted my form, and they had accepted it, but my agent was still deducting NRL tax. HMRC contacted my agent, and it was all sorted out.

 

I don't usually bother contacting the ATO (who are also my employer!) I just let my accountant handle that.

[buzzy--bee]

E.g - what other deduction can I claim from my uk rental income on my Oz tax return, such as the uk 10% wear and tear deduction, for furnishing etc ( im aware of the common ones, loan interest, insurance, maint, council fees etc)

 

Regards

 

Dean

 

Hi Dean, assuming you have PR and you will be paying tax on your UK income in Australia, you can depreciate your UK property as if it was an Australian property. For this you will need a QS report done by an Australian company with a QS in the UK - I recommend Depreciator.

 

BB

[the beak]

Thanks BB & Maryrose 02,

 

Much appreciated.

 

BB,

 

I had read about the depreciating aspect you mentioned some time ago but had forgotten about it and the fact that one needed an survey done, whereas a few years ago it was difficult to arrange, nowadays there are people offering that service, so its not so hard.

Thanks for the info and the tip on which company to use.

 

Thanks.

[Alan Collett]

Thanks Andrew,

 

Yep, I've tried gmtax. Discussed briefly with receptionists who took down subject and my details last week and twice this week...........no calls returned as of yet though.

 

 

Thanks for your PM - reply sent.

 

Best regards.