SearchLosses on overseas rental
Rosanne asks:
(updated on Thursday, April 05th 2012)
Our Experts Answer:
If you had been away 10 years you would qualify for a four year exemption from declaring foreign income. Having been away five the foreign rent is assessable and if a loss is made it is deductible. If you pay interest on a foreign loan you should consider registering for approved issuer levy which is a cheaper alternative to paying non resident withholding tax on the foreign debt. Foreign exchange fluctuations on the debt can also impact the tax position. Seek advice from a chartered accountant
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