flybyknight Posted October 17, 2012 Share Posted October 17, 2012 quite a simple one i guess, does anyone know of an advisor in the Melbourne area ideally, who can help with my tax. i have a house back in the uk that i shall be renting out. the letting agent who is looking after it has presented me with a non resident landlord HMRC form to fill in, or i stand to lose 25% of the takings from the property. it doesnt even break even at the moment! any advice, or recommendations, on how to proceed short and long term would be wonderful many thanks Link to comment Share on other sites More sharing options...
Guest The Pom Queen Posted October 24, 2012 Share Posted October 24, 2012 I would recommend Alan Collet, he covers tax issues both here and in the UK so is the best to advise. Link to comment Share on other sites More sharing options...
SoozyB Posted October 29, 2012 Share Posted October 29, 2012 quite a simple one i guess, does anyone know of an advisor in the Melbourne area ideally, who can help with my tax. i have a house back in the uk that i shall be renting out. the letting agent who is looking after it has presented me with a non resident landlord HMRC form to fill in, or i stand to lose 25% of the takings from the property. it doesnt even break even at the moment! any advice, or recommendations, on how to proceed short and long term would be wonderful many thanks Hi FBK! OH and me are in the same boat. We are renting out our house when we make the move to Melbourne in the new year. We too are filling out the Non Resident Landord form...at the moment we are not panicing. Our rental income is £475, Mortgage is £360, Letting Agent fee is £47.50 and Landlords buildings and contents insurance is £28 a month, so only leaves us with £39.50 actual profit. From what I could understand from the website (it is rather confusing ) there is a limit of what you can earn on a rental property before paying rather a lot of tax. I could be wrong on this, so would also be keen to hear some advice. I hope this has helped in someway?! Sooz Link to comment Share on other sites More sharing options...
Guest Posted October 29, 2012 Share Posted October 29, 2012 you should get all the rent from your letting agent into your bank but also fill in a non residents landlord form which means you don't have to declare the tax so you can declare it in Oz instead. I have heard about some agents trying to take off your tax but not sure what situation you have to be to have that happen, a non resident this wont happen. You will pay about 20% on all property earnings if you declare and pay it in the UK, that doesn't matter about your annual tax allowance of about 8000 either. To make renting out property you need a good 30-40% equity to make it work. You can declare a loss which comes off your tax in Oz though. Anything on 37K then your into the 40% however taking off mortgage interest you would need a few properties to get that. Link to comment Share on other sites More sharing options...
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