Richard, I have to point out that you cant exclude your us income from your oz tax return.  As an aust resident for tax purposes, you must declare it.   Although you can claim a credit for any tax you've paid, not declaring the income in your oz tax return is illegal.  

RichardHow have you found investing in the New York market?  In your earlier post you recommended against it but have property in Niagara Falls.  Did you have a bad experience with your current investment/property mgmt etc?   I bought in Jamestown and have found it to be ok so far.  While unemployment is higher than normal and property taxes are o…[Read more]

henry13auckland wrote:
About income tax and capital gain tax issue regarding property in NZ:I have a house in Auckland which is my home before I move to Australia in 08. I could not sell it for more than one year as at that time people stopped buying properties. I rent it out and am incurring the loss every month.I did not claim any loss from my…[Read more]

Is the australian trust for income splitting purposes?  Assume that it is not for Asset protection as you can get that through a multiple member LLC in the US. Personally, I wouldnt setup an australian trust for my US property investment.  Its only my wife and I so im not worried about the possibility of family trust distns at the m…[Read more]

Fin freedom, Whether you have dual residency is not relevant to the ato. You’re either an Oz tax resident or not only in accordance with the Australian tax 4 residency rules (right of abode, 183 day test etc). You really have to prove that you are a non resident rather than the other way around. Does that help? Sorry If I’ve confused the issue more.

Is this a joke Vince?!

PeterI have to disagree with you in relation to the affordability of Atlanta and Phoenix sorry.  These two cities are some of the most affordable in the US right now.  With median prices under $150k (and plenty of foreclosure bargins to be had), they are up there with Detroit and Cleveland.  See this link for detailed affordability stats.  Im not…[Read more]

kong71286 wrote:
– What entity should properties in the US be bought under?- How do you finance properties in the US? Do you have to apply for an IRS number? How can you improve your US credit rating?- Do the laws differ much from Australia? Can you explain 1031 tax–deferred exchange?- Where do you get your raw data for analysis? In Australia,…[Read more]

Interesting article Peter.  I have been interested in the Texas market for some cash flowing rentals.  It certainly doesnt have the bargins of Atlanta, Kansas City, Detroit and Ohio cities etc but that may not necessarily be a bad thing.  It appears that the vacancy rates arent too high there and the employment prospects are strong. Vince – inter…[Read more]

Just do the research properly before setting up a single member LLC.  In the eyes of the law in the US, if someone was to sue you it is unlikely that the LLC would offer sufficient protection as it may not be deemed a proper 'business'.  IRS treats single entity LLCs as sole proprietorshops.  This is just something I have heard online in the forum…[Read more]

HiHavent bought from them, but I have met them while they were in Sydney (before they left for Atlanta).  They seem to know their stuff and have been investing in property for years.  Both are genuine people and seem to be looking for the best deals for clients.  I didnt use their services as I ended up purchasing some multi's on my own.  I also…[Read more]

Try ozforex.  They charge only $15 for the transfer (and obviously theres a less favourable rate than the cross rate).  The income/losses from overseas are assessable the same way as oz property income.   Your overseas income is assessable in oz when derived (ie when you receive the rental income).  ie you need to include the loss or income in yo…[Read more]

Ryan – you've piqued my interest on the UK.  Are you able to give some more info?  It would be good to take advantage of the weak pound at the moment and pick up some high yielding property in the meantime.   I hadnt thought of investing in property there.  I did look at cars though!  ie If living there for 12mths you could purchase a nice BMW M…[Read more]

It seems that US banks (with the exception of HSBC and wells fargo from memory) arent interested in dealing with foreigners, regardless of whether they have cash – thats why their banking system is going down the toilet.   Best bet for financing there is owner financing (thats what I did for my US properties).   Mike and Bron have some links for U…[Read more]

Chizre investing in an alternative entity, just be careful.  While there are obvious benefits as far as asset protection of setting up a trust etc, these are far outweighed by the negatives on the tax side imho.  If you own the o/s property through a trust or company, any tax losses you make will be trapped in that entity and can only be used ag…[Read more]

ChizJust to clarify my point,  I dont know what the non-resident rules are for NZ around CGT but im pretty sure their tax law operates the same as ours.  Your right though – either way you'll get stung eventually.  If you dont pay tax on foreign investment disposals in oz and are an Australian resident (for tax purposes) you are breaching the tax…[Read more]

Robert Are you saying you can elect for a different year end in the US?  This would be really helpful, rather than needing to do your tax return financial summaries twice a year!ThanksJosh

Rather than email, Its good to list info on the site so others can benefit.  Other people will have recommendations to, but for me personally.  The below have always been fantastic. Ive sent others to these guys and had good reports.  Solicitor:  Paul Scara Property lawyers in Newtown.  Not the cheapest but extremely thorough.  Worth it.   Building…[Read more]

Do you have this guys website or business name details?  It would be interesting to see what type of operation they are running? Assume its a pretty slick one for 45k fees…

Agree that Sydney prices are becoming ridiculous. A mate of mine recently bid on a 1 bedroom apmt in Potts Point (no views or Car park)  and it went for 700k.  When prices of a 1 bedder are 10 times the average wage its time to consider selling imo. I know there is still strong demand and limited supply blah blah blah but its becoming a serious pr…[Read more]