I have couple of IPs in NZ, my accountant abandons me because he doesn’t do tax returns when there are oversea IPs. I met this acountant today and he said most people don’t declare any foreign income or loss in the Oz tax return. If the tax office finds this out they will send me to jail and that will be the end of me. Can anyone please advise :
a. do I lodge tax returns here and in NZ
b. do I have to declare NZ IPs in my oz tax return, can I claim NZ travel costs & losses against my PAYE tax. This new accountant said something about the foreign loss is quaratined. But my thinking is the tax office can’t have the cake and eat it too – they require one to declare foreign income but not the losses ?
c. is it that my NZ accountant do the NZ tax return, then I declare a foreign income/loss in my OZ tax return and convert the NZ figure to Oz $. I rang the tax office helpline and this operator told me if I have hundreds of NZ income/expenses I have to go back to each date the income/expenses incurred and find out the exchange rate for that date !!!! (my tax money at work !)
d. can anyone recommend an accountant in Melbourne.
Much appareciated.Hi
I believe as a resident of Australia you declare all of your income – both foreign and Australian in your Australian tax return and you have no need to lodge a NZ tax return because of double tax treaties etc.
You declare your NZ income as foreign income and there are average monthly rates that you can now apply to translate this to Oz $ ie. one rate per month, you don’t have to do this on a daily basis. Same with your NZ expenses including travel. Your problem I believe is that the foreign losses (if there are any) will be quarantined and can only be offset against future foreign income.
Know a good Sydney accountant, and will try and get a recommendation for Melbourne but I believe this is correct.A different structure might be the way around it? Unsure of this side. Have you listened to Steve’s CD “Kiwi Property Insights”?A-M
Hi all
ttman i was in the same situation in 2003 my accountant said he didn’t want to deal with foreign income matters, which was a shock as he is a very prominent accountant in Kilsyth. I was really disappointed as he is a top guy and great accountant.
I now use Active financial Answers, look up there web site http://www.activefa.com for there Melbourne office,
Just did it for you
Melbourne68 – 72 York Street
South Melbourne Victoria 3205
Ph: 03 9699 7310I’ve met Martienne Freeth from there is she is fantastic, very knowledgeable. Personally i use the QLD office and Barbara there who is also excellent.
hope that helps
regards westan
Properties in the USA 15-25% returns- email to join our database [email protected]
Thank you guys, I will follow up with your suggestions. Westan I think we are using the same accountant !
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