Malcolminthemiddle

I do -  a couple of mates that live the neighbourhood we are looking to buy in.

All things considered much as I am frustrated watching prices go ever higher I think we will sit tight and maybe buy 2 months ahead of the move.

I thought it might be smart if you can take advantage of the more generous Aus deductions but if we rental income will subject to both as well as non-resident tax I don't think its worth it for us. Plus the exchange rate may improve by 10% in the same period - who knows.

Thanks everyone that replied. I had no idea that the deductions would need to be reversed for the UK tax to be calculated so this is an eye opener for me. Thats not to mention the CGT calculations.

I am reconsdering what our move should be - given all the variables I may just wait and buy a property just prior to moving.

And good luck Chocci with your move back!

Thanks

M

Thanks Ken, appreciate the reply.

So if I understand correctly I would follow the Australian rules first and potentially make deductions including mortgage interest first and any tax differential between Australia and the UK  I would pay to HRMC. I was concerned that I may have to apply UK deduction rules after Australian rules meaning much reduced mortgage interest relief.

Good news on the CGT too - thanks again, we will take the hit on any gain before moving in.

M

Hi everyone,

We are considering a move back to Sydney following 3 years in the UK, we are dual nationals.

Ahead of our move we are looking to buy a property as our family home, but would let it out until ready to move.
Having searched Google extensivley there is scant information around this specific situation.

I was wondering if anyone here has any insight on the following questions:

If we let out a Sydney property whilst in the UK which tax deduction rules would apply in which order?
Mortgage interest relief is now limited in the UK but do the Australian rules apply first when we are UK resident?

When we move back to Sydney, would there be any tax issues with moving into a property that we had previusly let out?

Is it relatively easy to convert an investor mortgage to a normal residential mortgage in Australia?

As always appreciate your comments and feedback - thanks in advance!

M

Thanks for the replies guys, very useful. I'll bear both points in mind!

Hi everyone,

We are moving back to the UK after 6 years in Sydney, mainly moving back for work and family.

We have a VW Multivan that we are going to ship back as we love the van and used values are a lot higher in the UK so we'd struggle to replace it like for like.

I think I understand the process enough to handle most of the admin myself including the IVA etc when the vehicle lands in the UK.

If anyone has been through this process before itt would be great to get some recommendations for a cost effective RoRo (roll on roll off) shipping company that allows local drop off in Sydney, and any guidance as to what is a reasonable figure for non-container shipping including any insurance.

Thanks in advance!

Mal

It's just a stab in the dark. Anyone who could predict the future of finance with any certainty wouldn't be working as financial advisers.

Hi Iron Chef,

Thanks for helping everyone with their import questions - what a great service you are

providing!

We have a 2005 BMW 325i se e90 with 150000km on the clock. Do you think the high kms would put off potential buyers. The car is worth about £5-6k in the UK but from what I can see I could probably get 20-25k in Australia. We would plan to sell the car on its arrival and buy something bigger, is this viable and worthwhile do you think.

Thanks in advance!

Malcolm