Hi,
I am moving to singapore and cosidering if it is wise to keep my property investment portfolio?
Can I claim my interest deductions on loan and Depn from overseas or do they accumulate and get paid in lump sum when I return home and start earning here?Anyone with similar experience any advice would be helpful.
Hello shivsehgal
As you have income in Australia from your investment portfolio you will need to put in a tax return each year. All expenses, including interest and depreciation, are simply deducted the same way as they are now from the income.
Depending on how long you are going for you may want to declare yourself a non resident. The tax rate for non residents is higher as you start paying 29% from the first dollar (see ATO site). However I believe you can accumulate your loses and I thought I read somewhere that you can use them against any CG for CGT purposes if you sell. Anyhow you should be able to use the loses to offset any income once you start earning again in Australia.I believe Singapore has very low tax rates.
You may want to speak to a good accountant who is versed in this area.
Also do a search of this site for Singapore as I remember some threads on this topic last year.
Hope this helps
ElkaThanks a ton Elka, the threads were very helpful – beauty of forums is that if ppl share their experiences one can learn a lot in a short time and get the best direction to look into next.
Have u had an overseas exprience as well.
Thanks Shiv
I worked in S'pore for 2 years but that was a long time ago. I now live in Belgium but invest in Australia.
I plan to return one of these days.Have fun working in S'pore
Elka
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