Beca

Yes I am aware that as a non resident I would have to pay 30% tax on any profit of rental income. you say we would be lucky to make any financial gain from the exercise? the whole point of this exercise is purchase a property from the UK until we are ready to return permanently to Australia. we plan to rent the house out until such time as we were in a position to return, not particularly to make a profit, but just to make mortgage repayments. Therefore I can’t see how we would be liable for capital gains as it will eventually be our home when we return. Also I can’t see why the purchase of a property to rent out in our absence, despite having to pay non resident tax on rental income profit is a pointless exercise in our circumstances- surely it’s better to get on the property ladder whilst in the Uk based on our UK salaries sooner rather wait for our return to AU when we will have to wait a further 2 years to obtain a mortgage due to my partner returning to self employment ?

Thanks Guys. surely when you say you will get taxed on every dollar of rental income - you mean you will be taxed on the income profit minus any expenses eg real estates rental fees, home and contents insurance, etc. in layman’s terms if I rented for $300 per week, 30% tax would be $90 - surely it’s tax based on profit made through rental income ?

We are Aussie citizens residing in the UK (dual citizenship) and are in full time permanent employment. we are looking to purchase an investment property using our salaries here and a deposit. anyone know anything or can offer any expertise in this field ? Would we qualify for FHOG? Stamp duty? LMI ?