Forums / Getting Technical / Legal & Accounting / Aussie resident with NZ property

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  • Profile photo of crackgracrackgra
    Participant
    @crackgra
    Join Date: 2012
    Post Count: 2

    When moving to Australian a few years ago I was informed negative geared property in NZ was a waste of money as it can’t be offset against my Australian income.
    An accountant said to not mention I did have NZ property it as I would get CGT on them, not that I’m planning to sell them anyway!

    I’ve struggled to find anyone wanting to help especially an accountant that knows what is fact. Have things changed? Am I better to sell in NZ?

    Any advice would be greatly appreciated as well as any information on an accountant in Melbourne that’s in the know.

    Thank you in advance.

    Grant

    Profile photo of DAMPropertyDAMProperty
    Participant
    @damproperty
    Join Date: 2011
    Post Count: 44

    As you are an Australian resident you need to declare any overseas income on your tax return.  In the Australian Taxation Office's Tax Return Supplement publication there is a section on Foreign Income.  It says that you include the Income, less any deductions, which means you are going to show a loss on your tax return. 

    DAMProperty | DAM Accounting Services
    https://www.damaccountingservices.com.au

    Profile photo of crackgracrackgra
    Participant
    @crackgra
    Join Date: 2012
    Post Count: 2

    Many thanks, now i will be updating my last four years tax returns and hope the ATO doesn’t fine me.

    Thanks again

    Grant

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