have shifted to australia from nz july 2008, have a property in nz that i purchased 8 years ago, was for pursonal use and has since tripled in value and is now practically morgage free, i am renting it out fully furnished, my income for the year from nz from previous job was around 20k paying about 5k in tax, plus income from house been about 10k no tax paid yet tell the end of nz tax period, rough guess i well earn 20k aus in australia for their financial year, now trying to work out tax returns, little confused if to depriciate house and use that to offset income, rang ird where lady said i would have to pay tax on my australian income and to full out a ird form to work out if i was still a resident, only things that i would say yes to are owning a house, furniture and a vechile that i was doing up, rego been on hold for 7 years, well be out of the country for over a year
should i just do a tax return in nz for years income there and rental income, and not high light that i have been in aus earning, play dumb
then just do a tax return in aus
or look at putting house into a trust in nz remorgage at same time possibly for purchasing here in a later date, not planning on selling, and may be in a few years may want to shift back there, although the weather here is amazing and wouldn't mind buying a place here when the market drops a bit more and if i can find better employment
or could i switch to aus classed resident then use there tax rate back home
and if i shift back to nz, change back to nz tax rate and avoid aus capital gains tax if i then decided to sell
any one been through same thing and worked out best plan of attack
should i just do a tax return in nz for years income there and rental income, and not high light that i have been in aus earning, play dumb
then just do a tax return in aus
or look at putting house into a trust in nz remorgage at same time possibly for purchasing here in a later date, not planning on selling, and may be in a few years may want to shift back there, although the weather here is amazing and wouldn't mind buying a place here when the market drops a bit more and if i can find better employment
or could i switch to aus classed resident then use there tax rate back home
and if i shift back to nz, change back to nz tax rate and avoid aus capital gains tax if i then decided to sell
any one been through same thing and worked out best plan of attack
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