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Tarby777

Depreciation report for a UK property

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This is an old thread, and should perhaps be closed?

I'm glad it has been raised again; can it be left a bit longer?

 

After many doubts and more than a few passing years, I've just decided to rent my UK property out and need to start looking for tax advice on it going forward. I'll have to read this thread in full and in more detail but I may have a few queries because I'm not at all clued up on Aus taxation wrt property and what deductions can be claimed.

 

I think I'll use an accountant to help set-up and advise given there is also foreign currency to consider.

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I'm glad it has been raised again; can it be left a bit longer?

 

After many doubts and more than a few passing years, I've just decided to rent my UK property out and need to start looking for tax advice on it going forward. I'll have to read this thread in full and in more detail but I may have a few queries because I'm not at all clued up on Aus taxation wrt property and what deductions can be claimed.

 

I think I'll use an accountant to help set-up and advise given there is also foreign currency to consider.

 

A quantity surveyor would be more useful than an accountant. As well as depreciation, you can claim any and all expenses related to the property as if it was in Australia. So - service charge, management fee, insurance, whatever. UK landlords do not generally pay rates and utilities so you couldn't claim them.

 

The foreign currency bit is simple. You just keep a record of the date you incurred the expense or the revenue and find the currency converter on the ATO site, and apply that day's rate to your expense or revenue.

 

There are 2 lines in the Australian tax return you need to be concerned with

 

- How much overseas rental income did you earn?

- How much overseas tax did you pay.

 

Thats about all there is to it.


MELBOURNE SHORT TERM ACCOMMODATION - FURNISHED SELF-CONTAINED STUDIO APARTMENT AVAILABLE -

walk to shops, beach and station. Ideal for new immigrants before you find a long-term rental. PM me for further details.

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I'm going to take issue with the above post.

 

Tax deductions that are available involve a greater consideration than those that are detailed on a depreciation schedule.

 

The repairs or improvements question is one that comes up frequently.

 

Furthermore, an extension of the required date for lodging your Australian tax return (and hence for paying a balance of tax to the ATO) is available when using a Registered Tax Agent.

 

I hope some on here are not about to start bashing the worth of tax accountants ...

 

Best regards.


Managing Director, Go Matilda Visas - www.gomatilda.com

Registered Migration Agent Number 0102534; Registered Tax Agent (Australia)

Chartered Accountant (UK, and Australia)

T - 023 81 66 11 55 (UK) or 03 9935 2929 (Australia)

E - alan.collett@gomatilda.com

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I hope some on here are not about to start bashing the worth of tax accountants ...

 

 

 

Indeed not Alan, and this thread is on the subject of depreciation, for which a QS is the best professional to employ.

 

For other tax matters, you should of course consult an accountant.


MELBOURNE SHORT TERM ACCOMMODATION - FURNISHED SELF-CONTAINED STUDIO APARTMENT AVAILABLE -

walk to shops, beach and station. Ideal for new immigrants before you find a long-term rental. PM me for further details.

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I'm going to take issue with the above post.

 

Tax deductions that are available involve a greater consideration than those that are detailed on a depreciation schedule.

 

The repairs or improvements question is one that comes up frequently.

 

Furthermore, an extension of the required date for lodging your Australian tax return (and hence for paying a balance of tax to the ATO) is available when using a Registered Tax Agent.

 

I hope some on here are not about to start bashing the worth of tax accountants ...

 

Best regards.

 

No arguments from me on that. I could give it a stab and until this year, with my relatively simple tax affairs, I did using MyGov. The rental and shares slightly complicates it for this year and additionally, the property had to undergo various work prior to letting to be compliant with Government housing laws which don't necessarily apply to houses within Australia.

 

I'm in Melbourne so not sure how practical it would be but could you pm me your phone number?

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No arguments from me on that. I could give it a stab and until this year, with my relatively simple tax affairs, I did using MyGov. The rental and shares slightly complicates it for this year and additionally, the property had to undergo various work prior to letting to be compliant with Government housing laws which don't necessarily apply to houses within Australia.

 

I'm in Melbourne so not sure how practical it would be but could you pm me your phone number?

 

 

Will do.

 

Best regards.


Managing Director, Go Matilda Visas - www.gomatilda.com

Registered Migration Agent Number 0102534; Registered Tax Agent (Australia)

Chartered Accountant (UK, and Australia)

T - 023 81 66 11 55 (UK) or 03 9935 2929 (Australia)

E - alan.collett@gomatilda.com

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