Ausbrah here,
I am starting my own business, I will be the only employee and I expect to make in excess of 100k each year.
I obviously want to hold onto as much cash as possible, should I hire an accountant to help me pay as little tax as possible?
My wife is Chinese so theoretically I could set my company up in China, however I am not knowledgeable enough to know if this is even something worth considering.
Please don't give me any of that ''stop avoiding tax faggot'' bullshit, it is clear that the average person gets fucked by tax more than knowledgeable people, I do NOT want to commit tax fraud I JUST want to put myself in a comfy grey area.
How do I find the best accountant to help me with this?
The only way to avoid tax is transfer pricing
Are you the flooring guy? In your situation it would be quite easy
>>1109943
I'm a Real Estate Photographer
>>1109952
Much more difficult to apply to you then, because you can't really justify sending money overseas.
Basically, the scheme goes like this:
1. Pay yourself as little money as you can live on comfortably in Australia, pay tax on this
2. Set up an offshore company in a tax haven that sells something to your Aus company
3. Price the transactions in such a way that your Australian company barely breaks even after paying your salary, and all the profit is in the offshore company
The downside is you will not be able to bring this money in to Australia without paying tax on it, but you can theoretically use it in other creative ways.
eg, you want a salary of 100k per year
you will sell 100 units per year
A is you supplier
B is your offshore company
C is your Aus comapny
B buys 100 units from A for $1,000
C buys 100 units from B for $101,000
C sells 100 units for $201,000, pays $100,000 in salaries, earns 0 profit
This is how major multinationals do it and is the only way to legally pay no tax
>>1109959
And I forgot to point out B makes $100k profit in this example
>>1109959
He can set up a chinese real estate company and it will charge him a license/franchise fee to run his real estate company.
I wouldn't do it myself, I'm not Jewish though.
>>1109972
Yeah that would work
I wouldn't do China though, try Belize
Also OP if you are going to do this definitely talk to a lawyer/accountant, don't stake your freedom on the advice of some fuckwits on 4chan
>>1109981
I have never dealt with an accountant before, are most comfortable to do this type of thing or do I need to find a slightly dodgy one? If so, how?
>>1110010
Not sure unfortunately
I would try calling a small/boutique firm near you and starting from there, definitely not H&R Block
>>1109909
I don't know about Australia but just reasearch things I do are, pay for personal expenses that can be justified as a business expense through the company ex: truck, phone, gas, etc. I lease all my equipment instead of buy or take a loan for it. For birthdays/christmas etc I give electronic presents and write them off as business expenses.
Just a few, research what is deductible and find a way to take advantage of it.
>>1110014
Alright, thanks. I know a guy who has a company that works with accountants that do amazing things for his company. I think I will give those guys a call.
>>1110010
In my experiance accountants are shit and will tell you, "oh next year contribute to your ira to reduce your tax obligations" or other simple rehashed shit you'll find online.
Read your tax laws and find ways to take advantage of them.
>>1109909
>>1109952
Do you get buttfucked by the PSI rules like me?
I make close to $180k a year now but I can't pull any shit like hiding it behind a company or splitting a portion off to my wife through a family trust or any of the other rich cunt shit. Fucking ATO reeeeeeee
You need to talk to a proper accountant to get business advice. There's nothing dodgy about this stuff.
