Forum Replies Created
- duckster wrote:$0 to $34,000 tax non resident 29%
it is almost the same as residents except you have no tax free threshold and no offsets and no medicare.
see
http://www.ato.gov.au/individuals/content.asp?doc=/content/33969.htmIf the shares dividends are fully franked you have paid 30% tax already so no more tax unless you reach 80,000 in income and then tax would be 10% more.
if the dividends were not franked you may have already had 48.5% tax withheld from the dividend.Property income of $9600 is that rental income as you get taxed on Net income.
So your net property income = rental income – (total expenses)
so you may find your net property income is smaller or negative.Capital gains tax would be the capital gain added to your taxable income but a 50% discount may apply
In your situation you could email the tax office and ask them.
http://www.ato.gov.au/individuals/content.asp?doc=/content/4892.htmThanks so much Duckster. That doesn’t sound too bad. I’ve just come back to Oz to visit family with a new baby and it occurred to me that I hadn’t lodged a return for ages, and started panicking.
Really thought I was in the dog house with the ATO, and would need to pay thousands back, especially when I’m selling here to get a deposit to hopefully buy in the UK, and hence defeat the purpose of selling. But my property has been negatively geared most of the time, so hopefully the returns will be quite straight forward.
You don’t happen to know of a good/affordable accountant in Melbourne that you could recommend?
Cheers again.
