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Forum Tax issues

Tax on positive income

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John | 14 May 2018, 11:17 AM Agree 0
Just wondering if anyone now's has experience with tax on positive rental income for absentees or foreign investors?
Is it in fact 32.5% ?
I have several properties, if I sell one I will effectively clear my debt and then have positive rental on others, but if the tax is 32.5% in maybe better to just get out of Australia totally?
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  • Adam | 15 May 2018, 07:53 AM Agree 0
    Hi John,

    Your rental income will be taxed at whatever your tax rate is for that financial year based on your total net income. Basically your net rental income will add on top of your work income then you will be taxed on the total.

    Adam
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    • John | 15 May 2018, 10:21 AM Agree 0
      Thanks, but I think that only applies to residents NOT absentees?
      I file in Australia, but only the property holdings there, then file here in NZ.
      I know that I can use accumulated losses for offsetting capital gains, but what about positive rental income?
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