Been trying to figure out the tax I'm liable to pay when renting out my condo. Please can someone with more experience than me clarify if my calcs below are correct? I'm a tax resident of Thailand if that makes a difference. Thank you.
Annual Rental Income = 1,000,000
30% Tax Deduction (Income from property on hire) = 300,000
Taxable Rental Income = 700,000
15% Tax (on the Taxable Rental Income) = 150,000
Net income after tax = 850,000
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Income Tax On Condo Rental Income
Started by Lazy Sod, 2012-01-22 09:44
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9 replies to this topic
#2
rgs2001uk
Platinum Member Posted 2012-01-22 14:24:11
"Taxable Rental Income = 700,000
15% Tax (on the Taxable Rental Income) = 150,000" Last time I was at school, 15% of 700,000 was 105,000. #3
Lazy Sod
Senior Member Posted 2012-01-22 16:16:09
Just checking!
Revised below. Is this version correct (I mean not only my maths but the overall interpretation of the rental tax liability). Thanks.
Annual Rental Income = 1,000,000 30% Tax Deduction (Income from property on hire) = 300,000 Taxable Rental Income = 700,000 15% Tax (on the Taxable Rental Income) = 105,000 Net income after tax = 895,000 #4
rgs2001uk
Platinum Member Posted 2012-01-23 22:32:11
Just checking! Revised below. Is this version correct (I mean not only my maths but the overall interpretation of the rental tax liability). Thanks.
Annual Rental Income = 1,000,000 30% Tax Deduction (Income from property on hire) = 300,000 Taxable Rental Income = 700,000 15% Tax (on the Taxable Rental Income) = 105,000 Net income after tax = 895,000 If I was about to drop 20 million plus on a condo I would be triple checking. Not unless its one of those mythical condos that returns 9, 10 or 12% like some would have us believe. Best of luck in your venture. #5
Lazy Sod
Senior Member Posted 2012-01-24 22:10:12
Just checking! Revised below. Is this version correct (I mean not only my maths but the overall interpretation of the rental tax liability). Thanks.
Annual Rental Income = 1,000,000 30% Tax Deduction (Income from property on hire) = 300,000 Taxable Rental Income = 700,000 15% Tax (on the Taxable Rental Income) = 105,000 Net income after tax = 895,000 If I was about to drop 20 million plus on a condo I would be triple checking. Not unless its one of those mythical condos that returns 9, 10 or 12% like some would have us believe. Best of luck in your venture. Well, thanks for your help and advice. Much appreciated. #6
Naam
Star Member Posted 2012-01-25 05:57:13
Just checking! Revised below. Is this version correct (I mean not only my maths but the overall interpretation of the rental tax liability). Thanks.
Annual Rental Income = 1,000,000 30% Tax Deduction (Income from property on hire) = 300,000 Taxable Rental Income = 700,000 15% Tax (on the Taxable Rental Income) = 105,000 Net income after tax = 895,000 #7
Lazy Sod
Senior Member Posted 2012-01-25 19:54:15
Just checking! Revised below. Is this version correct (I mean not only my maths but the overall interpretation of the rental tax liability). Thanks.
Annual Rental Income = 1,000,000 30% Tax Deduction (Income from property on hire) = 300,000 Taxable Rental Income = 700,000 15% Tax (on the Taxable Rental Income) = 105,000 Net income after tax = 895,000 Thanks Naam. Yes it's furnished. If I understand correctly that will increase the tax deductable by a further 30%. Meaning I only get taxed on the remaining amount of 40% which is 400,000. 15% of 400,000 = 60,000 tax on rental income of 1,000,000. . down to 6% overall tax . . .not bad! #8
mmail2you
Member Posted 2012-01-30 06:55:40
How does the tax department know if you have earned money off your condo or not ?
#9
cheeryble
Senior Member Posted 2012-02-01 00:22:59 Quote 30% Tax Deduction (Income from property on hire) = 300,000 What does that mean? #10
Lazy Sod
Senior Member Posted 2012-02-01 07:57:40
It is the portion of the income which is excluded from tax liability. in other words, you don't get taxed on it.
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