Hello all,
This is probably a question for SIS’s accountant…
If I live in AUS and buy an IP in NZ can I claim any tax deductions in AUS?
Dave
(There are no stupid questions, only stupid people)Dave,
Yes the excess interest if it is negatively geared.
In ID2002/764 the ATO clearly states that, from 1st July, 2001 Section 160AFD allows the interest, borrowing costs etc. on an overseas rental property to be offset against Australian income to the extent that it exceeds the overseas rent received.
Note this is rental income after the deduction of other expenses such as rates, insurance and repairs. Providing they do not exceed the total amount of rent received. If the rates, insurance and repairs exceed the rent received the balance is carried forward to be offset against future foreign income and the interest is fully deductible against Australian Income.I have a free booklet on Overseas issues that may interest you, just e-mail me at;
[email protected]
juliaHey Julia,
Thanks for that. My mail note to you was just rejected [
] but I’d love a copy of the booklet if the offer’s still going.Please either email it to [email protected] or post it to
PO Box N227
Grosvenor Place
Sydney NSW 1220Which ever is more convenient for you is good for me.
Thanks again,
DaveDave,
Sorry trouble with our e-mails because of our new website going on line. Will send you the booklet when I can send out again. In the meantime our site is http://www.bantacs.com.au if you want to look for any other booklets etc. The site is still in development but you should be able to access the booklets.
Julia
] but I’d love a copy of the booklet if the offer’s still going.You must be logged in to reply to this topic. If you don't have an account, you can register here.
