Say you own an IP in Australia (as an Australian citzen), receiving rental income and so forth, and taking advantage of negative gearing deductions. You then move overseas for an indefinite period.
1. Can you still claim to be 'non-resident for tax purposes' while maintaining an IP? (Never been used as a PPoR, nor any intention to do so in future.) I would have thought yes, but thought I'd double check this aspect.
2. Given then that you do have 'non-residency' status, how does the taxation work? I have the impression that while you are non-resident, any salary/income you earn overseas is only taxed overseas by the relevant country. However, rent on the Australian property is taxable in Australia, can be offset against interest, expenses, etc. on that property, and any losses carried forward against future Australian income. That is, your income essentially gets separated into 'Australia' and 'overseas' boxes and is treated as such.
Any input/confirmation - particularly first-hand experience - would be much appreciated. Also I wanted to say belated thanks to Y-Man and rossdc for previous advice on my serviced apartment question
[Sorry just realised this may be in the wrong forum. Please move if necessary.]
1. Can you still claim to be 'non-resident for tax purposes' while maintaining an IP? (Never been used as a PPoR, nor any intention to do so in future.) I would have thought yes, but thought I'd double check this aspect.
2. Given then that you do have 'non-residency' status, how does the taxation work? I have the impression that while you are non-resident, any salary/income you earn overseas is only taxed overseas by the relevant country. However, rent on the Australian property is taxable in Australia, can be offset against interest, expenses, etc. on that property, and any losses carried forward against future Australian income. That is, your income essentially gets separated into 'Australia' and 'overseas' boxes and is treated as such.
Any input/confirmation - particularly first-hand experience - would be much appreciated. Also I wanted to say belated thanks to Y-Man and rossdc for previous advice on my serviced apartment question
[Sorry just realised this may be in the wrong forum. Please move if necessary.]
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