I need some help with understanding what things i need to consider in my circumstance. I am an Australian and will soon marry a Norwegian girl.I used my first home owners grant and the mandatory 6 months is nearly up where i must live at my home.I am moving to Norway but want to keep the house. I will rent it out ,but i don't know how i will be able to claim on tax for renting it out and i don't know what taxes i will have to pay if i sell it down the track.Are there other things that i need to be aware of ? Any advice would be much appreciated. Thanks
You can still claim things on your property if you are not in Australia. You will have rental income which can be offset by the expenses but you are likely to run at a loss. If you don't have any other income then you will have a loss each year and these losses will build up until you earn a postive income to offset them.
You also should look into the tax laws of the country you will live in. Often countries have agreements with Australia called double tax agreements which they will not tax you twice. The income earned overseas will have to be declared on your Aussie tax return, but you may not have to pay tax depending on the circumstances. If you have a loss here, you may be able to offset this against the income over there. Its pretty complex.
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
Thanks alot Terry. I will research the tax laws of Norway and hopefully as you said i will be able to claim tax back over there.
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