sindirt

Hi Alan Thanks for the clarification

Interesting I've been using Transferwise, wonder how their rates & fees compare? Transferwise claims to have really good exchange rates as it's essentially a peer to peer lending service....

Hi My accountant having completed my UK tax return for myself and my wife (we have a couple of UK properties) is in the process of completing my Australian tax return. One of the properties had a fair bit of rennovation works, repairing the property after purchase, plus some capital works adding a bathroom etc. They are telling me that a significant portion of the loss on this UK property cannot be carried forward as is the case in the UK as a significant portion of the costs were incurred before we arrived in Australia. It seems somewhat unfair that this prior history is not taken into account as looking at the figures from our arrival the property would show a small profit, whereas in actuality if the whole history was looked at the property would be running overall a substantial loss. Is this correct? The property was purchased March 2015 and we arrived in Australia July 2015? Many thanks