I have a question with regards to calculating the tax for my overseas rental income. So the base situation is as follow:
- Domicile: Australia
- UK resident for taxation purpose
- Property in question: in Australia
I bought this property recently and now generating income that I'd like to declare in UK in arising basis.
Now since the Australian tax year is not the same with UK, how do I "equalise" this? For example, the Australian tax year ends on the 30th June. So do I have to maintain a month-by month rent vs expenses spreadsheet?
Likewise how do I correctly apportion the tax already paid in Australia? Since the tax is paid once a year, how do I even start to equalise this?
Does anyone know if it's possible for me to just treat it as a single summary number based on the Australian tax return? That means some of the income & expenses actually happened in the previous UK tax year.
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