Can anyone recommend an accountant?

[matt1927]

Hi

 

With the Aus end of tax year looming I thought it a good idea to get myself prepared and get an accountant in place that can fit my needs.

 

Previously I've just submitted basic tax returns with no expense claims but I've since been learning that I may need someone to look into my details a bit further. I own a property in the UK and I am sending money home every year to pay the short fall between the mortgage cost and the rental income. I don't know how this works with me being on a 457 either.

 

Are there any accountants out there that specialise in UK nationals that own UK property who now live in Aus?

 

I also need someone who can give me advice on benefits of holding or selling my UK property.

 

Cheers

Matt

[MARYROSE02]

If you are in Sydney, here's the address of my accountant.

 

[h=3]AC Accounting & Taxation Services[/h]www.acaccountinginfo.com.au/services.html

 

And here's the H & R Block site, who I think cover Australia. You could also check out the ATO site.

 

[h=3]H&R Block: Tax Return | Tax Accountants Australia[/h]www.hrblock.com.au/

 

[h=3]Australian Taxation Office[/h]https://www.ato.gov.au/

[Bungo]

Hi

 

With the Aus end of tax year looming I thought it a good idea to get myself prepared and get an accountant in place that can fit my needs.

 

Previously I've just submitted basic tax returns with no expense claims but I've since been learning that I may need someone to look into my details a bit further. I own a property in the UK and I am sending money home every year to pay the short fall between the mortgage cost and the rental income. I don't know how this works with me being on a 457 either.

 

Are there any accountants out there that specialise in UK nationals that own UK property who now live in Aus?

 

I also need someone who can give me advice on benefits of holding or selling my UK property.

 

Cheers

Matt

 

I believe Go Matilda provide taxation services. But note that employees do not generally have expense claims so you are not necessarily missing anything here and your tax savings might not even cover the cost of the accountant. That you are sending money home to cover your mortgage also has no tax implications, as it is simply a transfer of money between two bank accounts. On a 457 visa your overseas income does not even need to be declared.

 

Benefits of holding versus selling? Well from what you have said the con is cashflow in that you have to dip to cover the mortgage and this needs to be weighed up against the possibility of long term capital appreciation.

 

Additionally, consider the likelihood of moving back to the UK, would you like to live in the house again? Of course you could buy a new house, but a lot of expense on stamp duty and solicitors.

[Peach]

But note that employees do not generally have expense claims so you are not necessarily missing anything here and your tax savings might not even cover the cost of the accountant.

 

This just isn't true. Employees in Australia can claim way more than they can in the UK, the cost of uniforms, washing said uniforms, stationary, professional memberships, education, computer equipment, business use of spare room, internet and mobile phone. The list goes on (and is industry specific). Finally the cost of using an accountant to prepare your return is a tax deductible.

[matt1927]

I believe Go Matilda provide taxation services. But note that employees do not generally have expense claims so you are not necessarily missing anything here and your tax savings might not even cover the cost of the accountant. That you are sending money home to cover your mortgage also has no tax implications, as it is simply a transfer of money between two bank accounts. On a 457 visa your overseas income does not even need to be declared.

 

Benefits of holding versus selling? Well from what you have said the con is cashflow in that you have to dip to cover the mortgage and this needs to be weighed up against the possibility of long term capital appreciation.

 

Additionally, consider the likelihood of moving back to the UK, would you like to live in the house again? Of course you could buy a new house, but a lot of expense on stamp duty and solicitors.

 

Thanks Bungo and Mary.

 

I keep getting conflicting information about me sending the short fall money back. Some people have told me that I can some how include the money I send back as tax relief and others, such as your post above, suggest otherwise. This is why I thought I'm best speaking to a professional on the matter as I'm just getting really confused by the subject. Sorry if that comes across like I'm doubting your knowledge here!

 

Regarding the buying or selling question. Yes, you're right, the cash flow is a pain, especially with the weakening $ costing me more each time I send money back. On the flip side the property has been making a steady climb in value in the UK and that coupled with the weakening $ makes it an asset increasing in value (when calculating to AU$) at quite a nice rate so im slightly reluctant to let go for those reasons. I don't really understand where I fit with CGT so there's more factors I need to digest first I guess.

 

Likely hood of moving back isn't a factor for me in the buying or selling question really. No immediate plans on that front.

[Alan Collett]

Hi

 

With the Aus end of tax year looming I thought it a good idea to get myself prepared and get an accountant in place that can fit my needs.

 

Previously I've just submitted basic tax returns with no expense claims but I've since been learning that I may need someone to look into my details a bit further. I own a property in the UK and I am sending money home every year to pay the short fall between the mortgage cost and the rental income. I don't know how this works with me being on a 457 either.

 

Are there any accountants out there that specialise in UK nationals that own UK property who now live in Aus?

I also need someone who can give me advice on benefits of holding or selling my UK property.

 

Cheers

Matt

 

 

Hi Matt.

 

I am sending a PM to you, which I hope will be of interest.

 

I'd not be using a general High Street accountant - I have heard too many tales of incorrect advice, particularly as you are on a temporary residency visa when your tax position in Australia is different to the generality of taxpayers in Australia.

 

Best regards.

[KirkyG]

I'd recommend Alan Collett and his company highly. I used to use a general Australian accountant and I have been given advice that didn't take into consideration my UK tax position accurately on a number of occasions. I have just signed over to GMTAX.