Maroubra_Andy

Yes I would agree with you completely, and that’s in essence my question. I will be a resident for tax purposes and consequently how does the Aussie tax system treat such a situation? I believe the answer is I can fully deduct all mortgage related interest against my taxable income, whether that’s from an offshore asset or not.

Hey guys, I lived in oz for 10 years up until recently when we moved back to the UK for a couple of years to spend time with family. Plan is to move back to oz in 2020 for good. Question is I’m going to buy a house whilst I’m over here and will likely keep it when I return to oz. Now, the UK recently introduced some nasty tax clauses for buy to let landlords where the amount of interest on your mortgage that you can deduct reduces to zero over the next couple of years. Basically to discourage buy to let. However to the best of my knowledge the same rules don’t exist if I reside in oz and have a rental property in the UK, ie I can deduct the entire interest payment from my gross rental income. Can you guys confirm my understanding as this will likely influence my decision to buy in the UK.

Well I signed the new work contract yesterday so the decision is made! New job wants me to start May 1st so gives us a couple of months to exit work and maybe a month of holiday before we get back to the uk! Whatever happens, it will be an experience, whether that’s good or bad remains to be seen but it’s an itch we have to scratch. Onwards and upwards

Ahh the old Brexit debate, personally I feel the Aussie is on borrowed time, with the pound at historical lows, I don’t think it can come down too much more. We’ve been debating bringing cash over from the uk for years but it’s hard to swallow a 1.7 ex rate on your hard earned. As you said the sydney markets just nuts, the last couple of years of the housing boom did it for me but prices have been sliding for the last quarter. You can’t buy a half decent family home for less than 2.3m which is just insane. Out of interest where would you look to buy in Oz when you move back? Cheers for the tax heads up, I’m across the CGT implications on uk property. It all changed a couple years back when the uk stopped recognising a primary residence if you didn’t live in the country so CGT is payable for the years the property was rented out, minus a shit load of deductions. Funnily enough I’ve always struggled with finding good tax advice in Australia that’s relevant to the UK.

Thanks for sharing Desreb, sounds like you were in a very similar position to us, we’ve got 2 boys 2 and 6 months and lived in Coogee for 8 years, Maroubra for the last couple and have just decided to live back to the UK in a few months time! Would be keen to know how you’ve found the move and being in the UK!

Totally agree with you Banbury61, we’d probably look to base our selves nearish to our old lives in Hertfordshire, so probably St Albans, Berkhamsted, Hertford type of area so quite nice areas, especially from a pub perspective

Thanks so much for all your feedback guys, all really helpful and insightful! I can absolutely see how some people that have moved about can always feel like the want to go home and end up regretting not making the move but the one thing I’m sure about is whatever path or decision you choose has to be done with full commitment, no half measures. Doing so only results in an unhappy ending! We’ll give the UK a solid nudge for a couple of years, if it’s shit, we’ll be on a plane back to Oz in the knowledge that we’ve given it a try

We’re both English but have gained duel citizenship. I have to keep telling myself that if we head back and after 2 years it still feels shit, then we just pick up our bags and move back again. In that sense what’s the worst that could happen..

Hey Guys, Could use bouncing my current situation off a few people to get some reassurance that I’m making the right call.. Essentially I migrated to sydney from the UK just over 9 years ago and have had the absolute best time of my life. I moved over as a single 29 year old and in the last few years have got married and had two wonderful boys who are now 2 and 6 months. I guess we have always intended to go back to the uk at some point which has always stopped us from fully commuting to Australia in terms of buying a house etc but it’s never seemed the right moment to move back for various reasons so the decision has continually drifted to the right. However, there now seems to be a few things that are adding up to make a move back quite appealing. Firstly my eldest is getting to the age where we need to start thinking about schools, secondly now we have 2 kids, we could use some support from our family, thirdly my parents are getting quite old so it would be nice for them to have a relationship with their grandkids and at the same time they’re going to start needing some support themselves. Last but not least the stupid sydney property market is such that even for a small kings ransom you can only buy a shoebox! So during a holiday back to the uk at Christmas we started to properly think what a move would be like. During the trip I opened up convs with a few companies that Id like to work for and have now got a formal offer on the table. So it looks like all systems are go but I cant seem to be at rest with the decision to move. I know from a number of perspectives it makes sense and I think we have to make the move to basically get on with our lives but the idea of leaving Sydney makes me feel sick! Has anyone been through similar moves and been so conflicted about the decision? Thanks Andy