Hi guys,
Just a quick one say you have income from your rental but deductions from your property in the US meant you paid no US tax how does it all go when you get to your Aussie return. Your still have US income but also US deductions…
Just wondering how to apply and also do you use your income from the 2012 year or 12/13?
Thanks in advance
Whatever returns you lodge in the United States you have to lodge in Australia, but you receive a tax credit for what you have paid in America.so if you have made no money you should be ok. however the tax rate will be higher in Australia and you should seek tax advice. <moderator: delete advertising>
Nigel Kibel | Property Know How
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Hi Stu,
Nigel is correct.
You would file a 2012 US TAX Return (financial year ending December 31st 2012)
Then in 2013 June 30th you would file your AUS TAX Return.
Your Australian accountant will need a copy of your 2012 US TAX Return to add this "Foreign Income/Deductions/Tax Paid" onto your 2013 June 30th AUS TAX Return.
Generally speaking, Australia has higher tax rates, and you will the difference in Australia.
In my first tax return case, I had so many expenses and little rental income so I didn't pay any US Tax and received a credit for the following year. This was also put on my Australian tax return and I didn't owe any Australian tax.
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Guys,
Just wondering about the time difference between US and Oz Taz Returns e.g. US in December and Oz in June. Is it acceptable to only put the US info to December on your Aus tax return in June e.g. no provisional assessment for Jan to June…..?
Thanks
OzBoz
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