My wife and I own 2 properties in Australia and have been filing tax returns to the ATO for 12 years. During this period we have had to pay no tax and accumulated a tax credit of over A$100k each.
Unfortunately we were not aware that during this period we were also required to submit a UK tax return indicating that we had foreign income.
We recently have been making a profit on the properties however because we have a large tax credit in Autralia we still do not pay tax. We are looking at selling the property in the few years and will bring the funds back to the UK.
Can anyone provide advice on the best way forward and if we would still be liable to any UK tax even though we are in credit with the Australian tax office.
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