Overseas Rental Propery

[BobG]

Hi everyone.

Im an Australian resident/citizen, pay as you go salary earner. Can I claim the usual rental property tax deductions on a rental property I have in Canada ?

I've asked 2 different tax accountants - one say "YES", the other Says "NO"..........

 

[Propertunity]

I suggest you read the ATO web-site - it is pretty clear on the matter.

www.ato.gov.au and search "overseas rental income". Plenty of reading there and to get you started:
http://www.ato.gov.au/corporate/content.asp?doc=/content/65779.htm

 

[geoffw]

It seems that ATO aren't quite clear on the matter. The article Propertunity pointed to is only valid prior to July 2008, when the laws changed- to BobG's advantage.

From another ATO page

A new guide in relation to claiming foreign income tax offsets is currently being prepared and will be available from 1 July 2009. The new guide will cover the period on and after 1 July 2008.

 

[LynnH]

BobG

As Geoff said, the rules changed in 2009. You could also check out the following website (Julia is a forumite and an accountant):

www.bantacs.com.au/booklets/Overseas_Booklet.pdf

(Pages 6/7 are probably what you are after - Disclaimer: haven't read the whole document for quite a while now.)

Cheers
LynnH