LonToBris Posted November 30, 2014 Share Posted November 30, 2014 I have had some conflicting info on my UK and AUS tax returns for 2013-4 and was just after some advice. I am from the UK but a permanent resident (spouse visa) in Australia for the whole tax year. I have a rental property in the UK and some investments. The profit on these came to about £12k. My understanding is that I should therefore be taxed on the amount above £10k by the UK HMRC. However, what is the situation with the Australian tax? Do they tax the whole amount and take into account what I get charged by the UK government? Or do they take into account that the UK government allows the first £10k to be untaxed? Also, I did my UK tax return online and it said they owed me £2. I am not sure this is correct. I have heard I should be filling in a paper copy for UK rather than online. Any tips for a good advisor on this would be great too as I'd like to get it all clarified. Link to comment Share on other sites More sharing options...
Gbye grey sky Posted November 30, 2014 Share Posted November 30, 2014 Some of those UK investments may have been taxed at source which is why you may not have been showing a tax liability. The income will be taxable in Oz but best get specialist advice as there may be things you can claim/offset in Oz. Also look into whether any of this is joint income - you don't mention if you are single as splitting it may be beneficial if so. Link to comment Share on other sites More sharing options...
LonToBris Posted November 30, 2014 Author Share Posted November 30, 2014 Some of those UK investments may have been taxed at source which is why you may not have been showing a tax liability. The income will be taxable in Oz but best get specialist advice as there may be things you can claim/offset in Oz. Also look into whether any of this is joint income - you don't mention if you are single as splitting it may be beneficial if so. Thanks. I'm married although the investments and house are still in my name only. Link to comment Share on other sites More sharing options...
LonToBris Posted December 1, 2014 Author Share Posted December 1, 2014 I did go through the Aus tax with a tax advisor here but they didn’t seem sure about any of it. Halfway through they told me I didn’t need to do an AUS tax return if I was doing a UK one. They also said that my tax bill was the highest they had ever seen in 30 years of working as a tax advisor. I find this hard to believe as I am only a little over the UK limit. They have put my return on-hold here until I get the UK tax confirmed. If anyone can suggest a specialist that would be great as I’d like to ask a few questions before I go back to the tax advisor. Link to comment Share on other sites More sharing options...
dmjg Posted December 1, 2014 Share Posted December 1, 2014 Go Matilda. @Alan Collett is a member on here. Not cheap but they are tax registered for both Uk and Oz. They did both mine and the ohs the first year we came out. All 4 returns came to about $1500 in 2009/2010. No complaints, we were very happy with the service, advice and outcomes. Link to comment Share on other sites More sharing options...
Alaska Posted December 1, 2014 Share Posted December 1, 2014 We are using GM Tax (Go Matilda) for the first time for the 2014-2015 tax returns. They have given me lots of advice in the past and I am confident that they will know a lot more than me. Up until this year we were on a 457 so pretty straightforward but this year we got PR and also sold 2 properties and had a little rental income so I think it's worth getting a professional to look. Link to comment Share on other sites More sharing options...
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