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renting a property in UK living in OZ as perm resident rules for allowable deductions
Guest posted a topic in Money & Finance
Hi Please can some-one help I have a property in the UK I have been granted perm residents in OZ and will depart in January 2012 I am going to rent the flat in the UK I have filled out the UK non residents tax form so will get rent with no deductions I understand I need to complete a tax form at the end of the year as the UK will have first call on my rental income minus my personal allowance Since OZ collects on worldwide income I will get a tax credit from the UK and pay any extra tax owed in OZ So far so good I have a list of allowable expenses for UK rental income (10% depreciation for wear and tear, repairs, professional services and mortgage interest payments etc - on another matter I do not have a mortgage as I own the home outright and would be interested to know how I should make best use of the tax breaks e.g remortage or not etc) What I do not understand do I use the UK model for allowable expenses or do I need to use the OZ model. So I am getting around £13,000 a year in rental income before any expenses and before tax Do I use HMRC rules for allowable expenses on my UK rental income or the OZ tax rules I would be so grateful for help on this matter Also would welcome any professionals to approach me if they can offer a service to help me through this