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Relocating to OZ - help please!


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I'm looking for a little bit of advice.

I'm moving to Australia this year to live permanently.

I have two properties which I wish to rent out in the UK and basically I have calculated that the rent I will be receiving minus the agency fees etc leaves me with just about enough to cover both the mortgages. Do I need to declare this? How do I go about this? Any help would be greatly appreciated.


Soraya :unsure:

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Your agency should be able to point you in the right direction or phone the IR direct. If you are a non-res you are susposed to apply for a ref number from the IR so the agency can pay you in full (less fee's) if you dont have it the agency should deduct tax at 20% (i think) and pay over to the IR or the agency is liable.

I know of some agencies who regard having a uk address , uk landline, and e/mail address enough evidence that the L/L is uk based.

I also know of other agencies who know ---- all about the law and wont be bothered without relieasing they could be liable in the future.

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If you are moving to australia then there are a few things you need to do.

Firstly you will need to complete form P85 to inform HMRC that you are leaving.

With regard to the rental, you can apply to HMRC on form NRL1 to received your rental income without a basic rate tax deduction. Without this application, the letting agent (and if no letting agent, the tenant!!) is required to deduct basic rate tax at source from your rental income.

You will also be required to complete annual tax returns declaring your rental profits (and any other UK source income). The tax year ends 5 April.

If you have been working and are moving to Australia part way through the tax year then you may wish to prepare a repayment claim as you have probably paid too much tax.

Before you go, you may wish to ensure that you are maximising your CGT/IT allowances and reliefs with some planning, but much depends on your long term plans.

You may also need to contact the Australian tax office as they may also have some filing requirements.

If you need any assistance with planning, or form and tax return assistance, feel free to email me on sherena.glanton@bdo.co.uk and I would be happy to provide a competative quote.

In the meantime, best of luck with the move!



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