During the next tax calender year I will be overseas. My only income will be my current PPOR that I will rent out. Do any of you know wheter I still need to do a tax return from overseas? I’m confused as apparently you become a non resident after being away for more than two years. But what about prior to being away for 2 years, do you see how it’s a bit confusing.
If I do which I suspect is so, my expenses will be greater than the rent I earn. Can I delay this tax deduction till when I return?
Thanks, Dave
An Australian Tax Return will be required. Losses on the property are quarantined as a carried forward loss that will be offset against the income you first earn when you return to Australia. So try to make your first year a full financial year so you can utilise the losses in the maximum tax bracket. If your intention is to be gone for 2 years and you set up a home overseas you are a non resident for tax purposes from the minute you leave which has many ramifications. You may even be considered a non resident for tax purposes if you go for only 6 months. If you send me your e-mail address I will send you our overseases booklet.
thanks (again) Julia. Have sent you my email address so let me know if you haven’t received it,
Dave
You must be logged in to reply to this topic. If you don't have an account, you can register here.
