Tax on investment property whilst overseas

You need to speak to a property savvy accountant ASAP.

You can claim all outgoings on both properties if rented out. And also declare the rent on both of course. You can rent out the PPOR for 6 years without having to pay CGT. I’m not sure about your tax because you are not an Australian resident. That changes everything.

I doubt you’d be adversely affected. It sounds like a great opportunity and if someone is paying your bills even better.
There are a lot of factors to take into account in your situation. You must ensure you get it right.
good luck. Living in Canada sounds like a great opportunity.

• This reply was modified 9 years, 5 months ago by  Catalyst.

Kurtuk wrote:

Hi guys,

Where does the line get drawn about whether I go to an accountant or a lawyer?

Cheers

You need advice on tax law. But a registered tax agent can advise on tax law just as a tax lawyer can. A tax agent (often an accountant) would be cheaper generally!

Thanks for the plug PHP, but I am not actually an accountant. I am a director of a registered tax agent company and also a lawyer (and director of a separate incorporated legal practice). Accounting is a separate profession and not all accountants are tax agents and not all tax agents are accountants. Only a tax agent can submitt a tax return for another person and only solcitors or tax agents can give tax advice (maybe financial planners can give tax advice in limited circumstances)