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Found 79 results

  1. Me and my girlfriend (Australian citizen) are currently living in the UK and have a mortgage. We are looking to move to Australia and when we do so renting out the property we both own in the UK. My question is would mortgage companies in Australia look at this and think we have two mortgages to pay and reject us? Or would they not factor it into play as rent covers the mortgage even though it is “another mortgage” furthermore I’ve read up about the tax threshold and know I’ll have to declare it on my AUS tax return and I’ll be WELL under the threshold. if anyone can be of help that would be great! Thank you!
  2. Hi everyone ~ Happy Friday! So many of us have investments both here and in the UK: shares, rental income, pensions ~ here's a white paper we wrote with this specifically in mind: https://www.moneycorp.com/en-gb/news-hub/managing-investments-and-income-overseas/
  3. Eclipse

    Tax on Uk Income

    Hi We have been in Australia since June 2011, we have a flat that we rent out back in the UK. We only got a tenant for the flat and started receiving money when we arrived in Australia. For tax purposes, who should we contact to declare that we have money coming from the UK (I think it is worlwide income?). We have a UK bank account that the money from the flat goes into. thanks x
  4. Information has been made available this afternoon as to the required taxable income of the sponsor of a temporary sponsored parent visa application. The amount is A$83,454.80. The taxable income will need to be confirmed by presenting the tax assessment notice for the financial year immediately preceding the year in which the application for approval as a sponsor is submitted – ie for the tax year ended 30 June 2018 if the application for approval as a sponsor is lodged before the end of June 2019. Best regards.
  5. salsera

    UK Rental Property

    Hi, we have a property which we are renting out in the UK whilst here on a 457. We declared the income from our UK property rental on our Australian tax return last year but now have been told we also need to complete a UK tax return. How do we ensure that the income from our property is not taxed on our uk tax return when it has been taxed in Australia - we obviously don't want to pay tax twice?
  6. Hi everyone, Just looking for some advice and hoping someone can help me with income tax while on a 417 visa in Australia and how it works. I understand there is information online but it can be quite unclear so I wanted to see if someone can help me- I have started working for a company and get paid monthly. I received my first pay last Friday, but I was taxed more than expected. My understanding is the income tax for people on WHVs changed in Jan 2017, and we are now taxed 15% on every dollar earned, until we have earned $37,000 total and then the income tax increases to around 32%. The payroll at work said my tax was higher than expected because they put me down as a 'resident for tax purposes' and overlooked what I had actually written on the tax declaration form. They are now telling me I should in fact be taxed more than I have been already, as they said the 417 tax is split throughout the year so are saying because they will eventually be paying me over $37000 total, my tax is not 15%. I was under the understanding that it isn't worked this way, and it is a flat rate 15% tax UNTIL you have earned $37,000? Please could someone help clear this up for me? I'm quite sure I am right however payroll are now ignoring my emails after saying it will be set up how they have suggested (which I believe is incorrect). And it's a few hundred dollars different for me so can't really afford to wait until next tax year end to claim it all back Thanks NB: I have called ATO as my employer wanted an exemption letter (I'm sure this isn't necessary as it's not an exemption- it's how the tax works?!) but the ATO said they can't supply this and that they cannot help anymore as it's personal tax advice
  7. Hi all, I'm sure others will have been in the same position of moving to Oz and keeping hold of their home in the UK to rent out, so hopefully somebody will be able to answer these questions: 1) As a resident for tax purposes, do I need to pay tax on any rental income from UK property? If so, and I'm not making any money (i.e. income = same as interest payment), then I assume I don't pay income tax on that amount? What if the income is used to make payments on a mortgage on that property and there's nothing left, so nothing to transfer to Oz? 2) What about UK tax? On the form to declare you've left the UK you need to state what rental income you're getting - but there's no way to state what interest payments that income must cover. How can I make sure I don't get double taxed on this money? 3) If I bought another property in the UK but was making a loss on paper (negative gearing) would I be able to reduce my Australian tax liability since I'm a resident for tax purposes?? Thanks in advance!
  8. Hi everyone, I am given the opportunity to work in Gladstone as electrical engineer for managing projects in a plant. I have visited the place few days ago and love the quiet and relaxed atmosphere. My plan would be to move with my wife and our 2 children (7 and 9 years old). I have received a job offer based on a 457 Visa which the company would pay. The company would also pay the relocation cost as follow: - Shipment from Europe - Travel for the whole family in economy flight - One time allowance for the settlement, corresponding to one month salary - 1 month hotel accomodation The salary would be: Base salary before tax: 142'200.- Superannuation : 12'800.- Gladstone booming factor : 6850.- Total: 161'850.- No car allowance Medical insurance for one year only, then at our charge. Is that a good offer for a 40 year old engineer? Will I be able to save some money once the monthly paiment done? Thanks a lot for your support
  9. Guest

    Australian income tax

    Hi all. I'm thinking of a move to Australia. I'm a diesel fitter. I'm looking into jobs in the mines. I hear of salaries of 100k-170k per year. I'm single, has anyone any idea of how much tax I would have to pay if I was on $100k per year?
  10. Could someone please advise where possible, how my employer would be able to pay me in Australia. I work for a UK company but I will be going out to Australia soon on a 457 visa. The company will pay me from their UK bank account monthly into my Australian bank account and want to be able to deduct Oz tax from my salary. This will happen until they generate revenue in Australia and subsequently set up an Australian Company. What do they need to do for this? Please advise if you need more info Thanks in advance
  11. I know, this has raised its head in various forms on here before, mostly for PRs. So... we are moving to Oz at the beginning of Dec on a 457 visa. I understand we are classed as "resident for tax purposes" in Oz. Does this mean we have to declare our UK rental income (from our house) in Oz? Also, what about the UK - will we be liable for tax there (though we will be below the personal tax allowance rate of £7475)? Help gratefully appreciated.....
  12. Apologise if this has been covered elsewhere in the site. I am about to do my final UK tax return and first Australian one. I am renting out my UK house (rent not covering the mortgage), but need to know which tax return I declare this. Hope someone can help, or give me a link to another discussion.
  13. Rubbidydub

    Rental income from uk

    Hi all! Can someone give me some advice on the following please....... Just securing a buy to let commercial investment mortgage as we are leasing our pub and restaurant out to get us over to Oz because things just ain't selling at the mo! 2 questions ........firstly is it better for us to deal with our own accountant in the uk or find a new one in oz as we will need to pay tax on our rentable income? And secondly with monthly rent coming from our uk investment what is the easiest way to get the surplus income after our uk mortgage is paid over to Oz on a regular basis? Any advice would be grateful Cheers in advance Marcus
  14. Hi Guys I wonder if anyone can help with my queries. I have been offered a job at Uni of Western Sydney, and visa permitting, will be heading over in December. We are coming over on the first instance on a long stay 457, so will not be selling our house but renting it. My salary will be roughly $87,000 (or $103,000 with the tax package thing). I am thinking this equates to roughly $4800 pcm - I have tried to use the calculators that I have found via many of the helpful posts here, but not sure I have got it correct. We are wanting a two bed place in central Sydney, so I think we will need to supplement my income with some of the rent we will get in the UK for our house. This will be paid into our UK bank account, and we need to keep an account here in case of repairs needed or periods of unoccupancy when we need to pay council taxt, etc. I bank with Nationwide, but unfortunately they stopped their free overseas withdrawals a while ago. So, is there anyway we can regularly access this money without having to keep paying the % fee that overseas transactions incur? Cheers, Ali
  15. Guest

    reclaiming UK Income Tax

    Hi there, I am due to move to Sydney in just under 4 weeks. I am due to finish at my current job in the UK in 2 weeks where I will receive my P45 which I can submit with another form P80!?! to get my tax refund. Does anyone know how long this takes? From discussions its seems like they can pay this into your account within 4 weeks (provided they have all the details). Thanks
  16. Hi all, can anyone recommend an accountant in Canberra for Income tax and Superannuation advise please? :biggrin: Many thanks.
  17. i ve just started to look at the cost of liveing in oz (perth) and on first glance its not looking too good a crate of imported beer is 55 aud thats 35 quid sterling and income tax not looking good either been put forward for a job 70k ausd works out 45k sterling for 4 weeks on 1 week off on fifo(2year contract) all accom and food paid for while away for four weeks in the mines. sounds good but as i said at first glance not look so good i think i should find a better contract like 6 weeks on and 2 weeks off realy, what everyone elses views etc?
  18. Hey there, I am wondering what income I need to declare on my Aussie tax return (my first one since moving here last year). I have some property in the UK still and receive some rent from it. I do a self-assessment in the UK for that income but I'm wondering if I need to declare it on my Aussie tax return as well? I won't be paying any tax in the UK on it so no double tax relief. I am resident in Australia for tax purposes. Anyone in a similar situation know anything about this? Thanks,
  19. Hi all, can anyone tell me if money paid to o.h. from UK whilst he is living in australia, (it will be within the uk tax allowance) so no tax in UK, will be taxable in australia? Thanks Sam :wideeyed:
  20. Hi all Question for any budding tax advisors out there... We are moving to Brisbane next month on a 457 visa. My girlfriend will be renting her property out and I will be renting mine back in the UK and was wondering if anyone knew what the deal with what tax on the rental income will be? We'll be ploughing what we can straight back in to the respective mortgages but dont want to have a nasty letter from HMRC on the doorstep! All other income will be Aussy based. I'd imagine the answer for my girlfriend should be fairly straight forward - she is from the UK. However I am from Jersey in the Channel Islands and technically non-domicile in the UK... does this make things more complex?! Any help appreciated. Cheers, Brett
  21. Hi We are moving to Sydney in September (I'm Aussie but my husband is British) and when we arrive I won't have a job and my husband is self employed so I wanted to know what others have used when looking for rentals? We will have funds we can show in our account from the sale of the house but I know they often ask for references from previous rentals or employers details both of which don't apply to us. Has anyone else been in a similar situation and can shed any light on what to do? As for the 100 points of ID what can you use if you don't have anything with a fixed address on it? And is it 100 points for my husband and 100 for me or 100 in total? Thanks all. You think I'd know this being Australian but yesterday I became a British citizen as well after being here for 12 years! :jiggy:
  22. tloring

    P85 - Income from UK Property?

    I have searched PIO threads and not found this specific question posed or answered. On the HRMC P85 form there is a section for "Income from UK Property". It allows for only the identification of a property, e.g. "name and address of the person paying you"; "tell us how you will be paid - put X in one box". However, we will be leaving two UK properties when we move to Oz. One is rented out via a letting agency, the other is our current house that we have been unable to sell and hence we are going to rent directly to some acquaintances. We will be completing HMRC NRL1 forms for non-resident landlord within which you can declare all rented properties in more details. Finally, after mortgage and legitimate offsets, we will make small losses on both these properties (we do not have then for profit). Hence, my questions are: 1) If we are completing NRL1 forms do we need to put anything on the P85 forms? 2) If we do have to declare income from UK properties on the P85, how do we get around the fact that the form restrictions the declaration to a single property? 3) Given we are making losses on these properties, do we identify these are negative amounts on the P85?. Hope someone out there can help. Many thanks.
  23. I understand that the income tax system in oz is nothing like the U.K, so I was just thinking what income tax and deductions do you have to pay in oz, I think I am right in thinking that you have to file your own tax return no PAYE or is their some thing like this. I am a bit unsure about the whole thing to be honest so any advice or point me in the direction of a post that already covers this would be great.
  24. I am a UK citizen, resident in NZ, working on an Oilfield Diving Support Vessel offshore WA. I am employed by a multination corporation. My direct employer is based in Holland / Singapore (but also has an Australian division) I have a 457 visa. In the past I have spent occasional periods working offshore in Australia (20 - 70 days per year, this year perhaps more.) I have been trying to find out whether my employer has been paying Australian Income Tax. They are proving to be very evasive. The Australian Immigration Authorities are equally vague as to whether tax should be paid. If tax has been paid I assume I can claim this back in NZ (where I pay income tax on all earnings) Can anyone in a similar situation advise me?
  25. According to Rismark – and contrary to popular belief – Australia's house prices have actually grown more slowly than household incomes since the end of the last boom in 2003. National Accounts data from the Australian Bureau of Statistics shows that disposable incomes, on a per household basis, realised a compound annual growth rate of 6.3 per cent since March 2003. Meanwhile, RP Data-Rismark's hedonic index suggests capital city dwelling values have risen by a more modest 5.7 per cent per annum. "On this basis, disposable incomes in Australia have risen 7.5 per cent further than capital city dwelling prices over the last eight years," says Rismark. Full article here: http://www.apimagazine.com.au/api-online/news/2011/06/income-growth-to-continue-outpacing-property-price-growth