Hello, I moved overseas during the year to another country which has a tax treaty with Australia. I have already assessed that I became a tax resident of the other country from the day I left. I have rented out my apartment that I own in Australia for the time I am going to be overseas. I understand that I will be taxed on this income in the country I am living, less allowable deductions for rental properties in that country. My net income will be assessed as tax resident of that country.
It also seems that, unlike other sources of income, income sourced from Australian property must be included in my Australian tax return. I will therefore be claiming related tax deductions under Australian tax rules as well. My net income will then be taxed in Australia as a foreign resident. I am wanting to know if my understanding is correct? Ordinarily, it seems odd that I am allowed to claim tax deductions twice, but this anomaly must be because I am including my income twice. Any help would be greatly appreciated!
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