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brucewayne

Tax Returns

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Just filling out my tax return for the first time. Do I have to declare income from my home in the UK which I'm renting out? What about interest/savings/ISAs etc that are still in the UK? I have filed my NRL forms in the UK and I know that there will be a certain tax liability in the UK for my UK money, but if that is the case do I have to declare it here in Australia on my tax return?

 

Are there any do's or do not's that I need to know about. I'm putting in a mobile phone claim as my company out here don't supply one with the job, but is it just the cost of the phone or can I claim the top up vouchers (it's a pre-paid phone for the moment!).

 

just wondering if anyone else out there is in the same boat as me and filling this all out for the first time?

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Hi, have you also filled out a P85 to let the tax man no you are no longer a resident for tax purposes?

 

You do have to declare your UK income and bank account interest on your Australia tax return. Also, you are no longer allowed to hold an ISA in the UK (as you are no longer a resident).

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Hi, have you also filled out a P85 to let the tax man no you are no longer a resident for tax purposes?

 

You do have to declare your UK income and bank account interest on your Australia tax return. Also, you are no longer allowed to hold an ISA in the UK (as you are no longer a resident).

 

Yup - the UK IR Service know I'm out here etc, and I know I'm allowed to keep ISAs just not add any more into them. But thanks for the advice. Had to look up what tax equalization was but hopefully I'm on the right track

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I know I'm allowed to keep ISAs just not add any more into them. But thanks for the advice. Had to look up what tax equalization was but hopefully I'm on the right track

 

Interesting, HSBC have written to me to tell me I am no longer elligible to keep mine - so assumed they were telling the truth. Barstewards! :biggrin:

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I am not brave enough to fill out my own tax return. I tried it once a few years ago and made a simple error. 2 years later I got a demand for the money I should not have received plus a penalty and the addition of interest. Quite a shock, so now I get an accountant to do my returns and for the sake of $200 it's worth it.

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Interesting, HSBC have written to me to tell me I am no longer elligible to keep mine - so assumed they were telling the truth. Barstewards! :biggrin:

The differences between ISA providers might be because of their own internal rules.

My understanding is that when you cease to be resident in UK and take up residence in Australia, although you are still permitted to hold your ISA (if the ISA's own rules allow this) you will have to declare to the Australian tax authorities income from the ISA from the date of your Australian residence, as part of your global income. This is because the ISA is not recognised in Australia as a tax-free environment. And you are taxed on your global income including your UK income, just as you would be if you lived in the UK and had income from Australia.

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