Moving to Australia and renting home

[southmotian]

Hi All,

Here goes my first post on PT after reading a lot here a few years ago.

So... Long story short, I live in Wellington and own a home which I currently live in. A job opportunity which was too good to pass up has come up in Australia so I'll be moving there soon, and renting my house while I'm away. This will be a 12 month contract initially but hopefully it will turn into 3-4 years.

The question I have is what is the best way to do this? I expect a couple of hundred dollar shortfall between rent and expenses, which I would ideally like to offset against my tax. I have read a little bit already but won't pretend like I know much. I read somewhee it is possible to pay tax on your Aussie income in NZ, which would seem like the way to go?

Any advice would be greatly appreciated, and don't hesitate if there is any more info you require.

Thanks

[Re@der]

If you live in Australia I think that the Aussies like you to pay tax on your global income so you could take the losses over there. I am not sure what other taxes they may want you to pay such as capital gains

[southmotian]

Hi Reader,

Thanks for the info. It sounds like I should just wait until I'm over there and talk to an accountant then. I like the idea of claiming the losses over there with their ridiculous top tax bracket.

I found and read the rules on NZ Tax Residency for while I'm away and I'm pretty sure I wouldn't qualify, so it looks like that's out of the question.

Cheers

Mat