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Found 9 results

  1. Hello, We are currently going through a 482 visa application and trying to decide what to do with our UK property, and would like some advice. For the last two years we have travelled abroad and rented our UK home, we were still deemed UK tax residents during that period as we weren’t settled in one country and were not working. Now we are looking at a move to Oz, and just thought we’d keep our house and continue renting it, however the more I’ve looked into I’ve realised there might be some pretty big financial pitfalls. We purchased the house (jointly owned by my husband and I) in Dec 2013 for £300k, lived in it until Oct 2017, during that time we did some extensive building work - we basically took the existing house back to brick work to start again and added an extension that doubled the size. The total cost of work was probably in the region of £150k, maybe as much as £200k. The house is probably worth £650k now. We didn’t keep all the receipts for the work we had done but I guess bank statements and credit cards could be used to get a more accurate record? Our house is currently rented out, the monthly rent is £2000. Our mortgage is around £1600 (variable) with roughly half (£800) being interest. So my questions: 1) If we continued to rent the house then the UK income I believe would come under the tax free threshold - is this correct? Would we still be entitled to the threshold as non resident? 2) if we rented the property would we have to pay tax on it in Aus? How is that calculated? 3) if we sold the property I understand we’d have to pay CGT. In terms of proving what we spent on improving the property what would we need to provide - would credit card statements be enough or would we need receipts and invoices for everything? 4) how much CGT would we pay if we sold now (using Dec 2019 for ease of calculations) versus if we sold in say two years time? My understanding is: Dec 2019 Owned property for 6yrs (72mths), lived in property for 47mths, Rented it for 25mths. Gain on property (worst case) £200,000 £200k/72mths = £2777/mth 47 + 18 = 65 x £2777 = £180,500 so CGT liability = £19,500, which would be inside our annual threshold. Alternatively if we kept the property and sold in two years time - Dec 2021: Owned property for 8yrs (96mths), lived in property for 47mths, Rented it for 49mths. Gain on property (I guess this would probably be a bit higher, circa 4% over two years based on current rises = value of £626k) £226,000 £226k/96mths = £2354/mth 47 + 9 = 56 x £2354 = £132k so CGT liability = £94k. £24k threshold, so we’d pay tax on £70, at either 18% or 28%. (£12,600 / £19,600) 5) if we sell the house how do we work out if we are basic rate or higher rate tax payers? Our “normal” jobs would both be higher rate - but do they only look at UK income (ie. income from renting our property) or is is based on what we’d be earning in Aus? thanks in advance for any help and advice you can give!
  2. A new report has singled out Tasmania as one of two regions in the country where soaring tourism has led to a "rapid decline" in affordable rental properties. The 2018 Anglicare Rental Affordability Snapshot, released today, singled out Tasmania's tourism boom and expansion of holiday rental provider Airbnb in Hobart as key contributors to a housing shortage. The authors said a record 1.3 million tourists to the state in 2017 created "unprecedented" demand for accommodation, resulting in Airbnb listings jumping from 2,874 to 4,459 in the 12 months to February 2018. Three quarters of those listings are full homes and 61 per cent are in Tasmania's south. Anglicare concluded this growth, alongside rising housing prices, have taken rental affordability "from bad to worse". The snapshot of 1,285 Tasmanian properties is taken from websites and the three major newspapers on one weekend in March. Properties are deemed affordable if the weekly rent is less than 30 per cent of household income. Of those properties, less than half were considered affordable for Tasmanians on a minimum wage. Only 21 per cent of properties were affordable for households on income support payments. Anglicare social action and research manager, Meg Webb, told ABC Radio Hobart there were a combination of factors at play. "Let's talk about it as two things, because one of the things we notice with this snapshot each year over the last five years is that the number of properties advertised is dropping, and the second part is what proportion of that pool is affordable," she said. None of the properties in the sample were affordable for a young person on Newstart, which has been the case in consecutive reports. The authors note Tasmania's wages remain the lowest in the country, potentially inhibiting the ability of people to access housing. "While the state's housing market and cost-of-living pressures surge, Tasmanian wages continue to be the lowest in the nation," the report said. "If wage growth continuously fails to keep up with property prices and living costs, Tasmanians will continue to be locked out of their own housing market." These results come off the back of Commsec's State of the State report, which revealed Tasmania has recorded the strongest population growth in the country. Tasmania ranked fourth overall in economic performance — finishing behind New South Wales, Victoria and the ACT. Commsec senior economist Ryan Felsman told ABC Radio Hobart the economic data supports the idea of a tightening housing market. "Certainly, if you look at house price growth in Hobart at the moment it leads the nation at 13 per cent on an annualised basis, and at the same time, rents are up by 3.7 per cent," he said.
  3. Australia is in the grip of a housing crisis and the rental market is failing too many people — especially older women, according to the latest Rental Affordability Index (RAI). The report, released today by the National Shelter, Community Sector Banking and SGS, found low-income households could no longer afford to live in metropolitan areas. Pensioners and students were the most vulnerable, with some of them winding up homeless. Adrian Pisarski, executive officer of National Shelter, was involved with compiling the index and said there was, "virtually no affordable housing in any Australian city for people on low incomes". "This is now representative of a true housing crisis in Australia and a true market failure," he said. Sydney remained the worst city to rent, bleeding some households of almost 90 per cent of their incomes. Hobart was the second worst area, due to the number of people there living on low incomes. And then it was glitzy holiday destinations like Noosa on the Sunshine Coast, or the Gold Coast in south east Queensland. Source: http://www.abc.net.au/news/2017-11-29/national-rental-market-failing-many-australians/9205148 Full Report: RAI_2017_NOV_-_final_compressed.pdf
  4. Hello, 1) Our home is carpet. Its just been a few weeks in our rental home but both me and my wife feel it is making us sick. We keep getting these static electricity currents which were not the case before when we were in a home without carpet. Also, it seems the dust on the carpet is not helping us. Can we get it removed through the real estate agent? 2) Our home has the old style of electrical meter within the home which only allows me switch off the entire electricity for the home. The other circuit breakers like 'stove', 'lights', 'power1', 'power 2' etc. are sealed in a way that only an electrician can turn them off/on. My friend who is an electrician says they're now illegal and the home should mandatory have these circuit breakers unsealed. My real estate's electrician says though the 'sealed way' is outdated, it is not illegal because when our home was built(and its an old home), the 'sealed way' was prevalent and hence it is not illegal. The real estate'es electrician said that I cannot force the owner of the property to unseal the circuit breakers. Who is correct? Thanks!
  5. Balal Arshad Muhammad karim

    rental in wagga wagga

    Please guide about rentals in wagga wagga, riverina region.
  6. http://www.gmtax.com.au/2014/04/tax-deductions-in-australia-on-uk-rental-property-depreciation-as-a-tax-deduction/ I recall seeing a number of posts on the Poms in Oz forum over recent years enquiring into the ability to claim a tax deduction in Australia for depreciation on property in the UK that is being rented out. Some may know that if you buy an investment property in Australia it is possible to claim a tax deduction for depreciation on various items in the property, including (frequently) the cost of the building. This is usually made possible by instructing a Quantity Surveyor who prepares a detailed Depreciation Schedule, which details the various assets in the rental property, and the amount that can be claimed as a depreciation tax deduction on the property owner's tax return each year - the Schedule usually details amounts that can be claimed for many years in the future (assuming you don't sell the property). Until recently it was not possible to obtain this Schedule in respect of property in the UK - there were no QS's preparing them for property outside Australia. However, we have recently become aware of a firm with a national presence in Australia that is now able to provide Depreciation Schedules in the UK. Given that the cost of having a Depreciation Schedule prepared is also tax deductible this seems to be a win win outcome for Australian residents with rental property in the UK! Hope this is of interest to those with rental property in the UK. Anyone who is interested in knowing more should feel able to make an enquiry at this webpage: http://www.gmtax.com.au/contact/ Best regards.
  7. Hi everybody, just saw this and thought it would be worthwhile posting:- http://www.abc.net.au/news/2012-12-31/house-hunters-warned-of-online-rental-fraud/4448074 Hope you're all preparing for a safe and happy New Year's Eve! Jen
  8. Tarby777

    The delightful ATO

    Hi folks, If there was no ATO, my rental property would cover its costs There isn't much interest on the mortgage and I don't have too many expenses other than the rental agent's commission, so most of the income from the property is treated as taxable by the ATO. The result of this is that I end up with the property negatively geared, but only because of them. I know that if the property was negatively geared before considering tax, there would be things that I could claim at tax time. How do I stand, given that it's only negatively geared because of the tax that I have to pay on it? TIA Tarby
  9. Hi If anyone knows of any houses going around this time then let me know. Ideally looking for a 2 or 3 bed house up to $320 pw ish. A pool would be nice!!!! We are a gay couple who are tidy. No jobs yet, (one is on the cards) but financially secure. Would also consider Kallangur, Burpengary, Narangba, Strathpine Send me a private message Cheers Mark
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