Hello
I am a no resident landlord. 2011 was my first year with this status. I have registered on ros and ready to go. I am sure there are alot of other board users in the same position and I would appreciate the help. I'll also put up a summary of my findings and experience up afterwards for future reference.
My father is my agent and will account in his tax return. But we're both confused as to how he should do this. I've looked on Revenue's website (leaflet: IT 70 and the link to the revenue manual) but it doesn't give clear instructions as to what I should do. Does anyone know the answers to the following questions:
1. Do I need to formally appoint my father as my agent (he already has his own pps number and self assesses)?
2. If so, how do I do this? I can't see any available forms.
3. Where on his ROS online return does he insert my rental income? is it gross? less my credits? The revenue manual seems to suggest it's on a profit only basis which takes into account my credits but how does it actually get accounted for on the return, what section?
4. If my father is paying all the tax I am liable for, what do I put on my own return? Full account and then just not pay any money over?
I'd appreciate feedback from anyone else's experience in this scenario. For the record: I am a qualified AITI and I am currently working in tax in Australia and I am still confused by this whole process- thanks Revenue!
p.s. happy to help where I can with anyone's Aussie tax issues.
I am a no resident landlord. 2011 was my first year with this status. I have registered on ros and ready to go. I am sure there are alot of other board users in the same position and I would appreciate the help. I'll also put up a summary of my findings and experience up afterwards for future reference.
My father is my agent and will account in his tax return. But we're both confused as to how he should do this. I've looked on Revenue's website (leaflet: IT 70 and the link to the revenue manual) but it doesn't give clear instructions as to what I should do. Does anyone know the answers to the following questions:
1. Do I need to formally appoint my father as my agent (he already has his own pps number and self assesses)?
2. If so, how do I do this? I can't see any available forms.
3. Where on his ROS online return does he insert my rental income? is it gross? less my credits? The revenue manual seems to suggest it's on a profit only basis which takes into account my credits but how does it actually get accounted for on the return, what section?
4. If my father is paying all the tax I am liable for, what do I put on my own return? Full account and then just not pay any money over?
I'd appreciate feedback from anyone else's experience in this scenario. For the record: I am a qualified AITI and I am currently working in tax in Australia and I am still confused by this whole process- thanks Revenue!
p.s. happy to help where I can with anyone's Aussie tax issues.