financial issues when emigrating (pensions, tax on uk rented property etc)

[PeterJa]

Hi, does anyone know any good resources or websites explaining financial issues when emigrating to Aus.

 

Off the top of my head I'm thinking what happens to my UK pensions, can I still contribute to my uk pensions, what tax do I pay on my rented property in the UK, do I have to pay tax in Aus on this UK rental income?

 

Thanks for any help,

 

PJ.

[VERYSTORMY]

I would speak to Alan from Go Matilda

[Blade17]

Hi PJ - best to take advice from a pro, but in a nutshell:

 

- you can keep your personal pension intact in UK until retirement

- subject to certain conditions, you can continue to contribute into your PP for 5 years after becoming non-resident; but tax relief only available on £3,600 if you don't have any assessable earnings left in the UK (think relevant earnings in this regard is employment income, so rental income won't count - but check that as I'm not sure)

- you will need to pay tax in UK on net rental income (after various deductible expenses inc loan int, rental expenses etc)

- you will also need to declare any UK income on your Aus tax return (rental income included), but you get double tax relief for any tax already paid in UK

 

Hope that helps a bit