Aussie living in UK owns IP in Oz?

Hi,

I am asking this question on behalf if my sister.

She is an Aussie, but has a british passport and is currently living and working in UK.
Her and her husband have 3 IP in Oz and are looking to buy another in Gladstone.
They are planning on moving back to Oz in appx a year.
Can she claim losses from rental etc.. against her UK income?
OR
Can she claim the losses against income after she has returned to Oz to work? Kind of like how it works with shares?

Any other tax information for this situation would be greatly appreciated.

Cheers
 
Hi

Please get this all checked out by an accountant but, from my expat experience, I could not claim the losses of my negatively geared IP's against my overseas income but I could accumulate those losses and "use" them when I got back to Australia.

Cheers, Paul
 
Negative gearing doesn't exist in UK tax law. However I believe that it's possible to offset income from rent against interest payments, so in this case there'd be no tax to pay.

As Lofty says, get an accountant to deal with it.
 
Hi, you can most definitely accumulate expenses/-ve gearing & claim them against your Aussie income when you finally come back to work in Australia.

KY
 
Hi,

I am asking this question on behalf if my sister.

She is an Aussie, but has a british passport and is currently living and working in UK.
Her and her husband have 3 IP in Oz and are looking to buy another in Gladstone.
They are planning on moving back to Oz in appx a year.
Can she claim losses from rental etc.. against her UK income?
OR
Can she claim the losses against income after she has returned to Oz to work? Kind of like how it works with shares?

Any other tax information for this situation would be greatly appreciated.

Cheers

You haven't stated whether they are treated as non-residents for Australian Taxation Law.

Cheers,

Rob
 
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