This is a general question that applies to a friend and could potentially apply to me as well.
A good friend very recently emigrated to ACT, he is a Pommie like me and retains his house in Wimbledon (SW London) which he plans to rent out. I think his mortgage is paid off or damn close so he stands to make a sizeable monthly income from this property.
I am married to a fine Australian girl and we have two young kids rapidly approaching school age. I’ll be entering Australia on a Spouse Visa and immediately signing up for a footie season ticket
If our UK domestic house sale does not Complete I am tempted to just rent the thing out and start from scratch in South Australia. Due to now fearsome expense of “buy to let” in the UK I would not stand to make a lot of profit until the loan started paying down, even with something like 50% equity.
The questions then are these:
A) does anyone have a contact who is an expert in UK / Australian tax situation
As both my mate and I will both be resident in Australia and not in the UK are we likely to pay “double tax”?1. Yes, feel free to email me.
2. Upon becoming an Australian tax resident, there are various tax implications, eg, the market value of any CGT assets you own will become their cost base for Australian tax purposes. It is usually unlikely that double tax will apply because of the Double Tax Agreement between Australia and the UK. The DTA usually grant exclusive taxing right to one country or if both countries can tax the income, one country will usually provide foreign tax credits for the tax already paid in the other jurisdiction.
Eddie
[email protected]Another thing which you may not know about in regards to any superanuation you may have in the UK.
My husband is English and didn't find out until 2 years later that he had 6 months? (not sure of the time frame) to transfer his UK super to Australia without it being taxed, after becoming a permanent resident.
If he transfers it now he has to pay tax on the amount transfered (stinks I know), not sure of the taxable rate.
He has decided to keep his over there.
Good point Bespoke, thanks.
My father in law still has a UK state pension in the UK, he draws this out in Australia but there are increasing restrictions. He does not pay extra tax at present but then it probably hasn't crossed his mind to check if necessary.
Not sure how this would all work with private pensions.
As both my mate and I will both be resident in 
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