Hi all,
Hoping someone here will be able to give me some help.
I am currently based in the UK, whilst my (hopefully) soon-to-be business partner lives in Australia. We are both looking at ways in which we can merge together to invest and trade as we see fit. We both already have various stocks in the ASX to a decent sum, however the logistical side from my point of view really hinders the situation, hence why we think this could be a good and hopefully profitable way to go by pooling resources.
Now the issues we are having is what would be the best company structure for us to use, would this be best done as a company or as a partnership? From our understanding, either way we would need to go through the ABN/TFN route, so just wanted to see which would best suit.
The biggest area for concern is the tax implications for him being based in Australia, whilst for myself I obviously work and am taxed here in the UK, we are both just trying to find the most feasible route to get this off the ground.
Does the profit get added onto your individual income as if you were working, or is it separate the the individual tax? Obviously we wouldnt want the issue of him moving from say 30% tax up to the next bracket.
What roughly would be the costs associated with running a company/partnership per year, (tax returns etc), could any share any information on these?
To add, I understand that many will say to speak to a Tax Accountant etc, but more wanted to hear anyone elses views, opinions or even success stories that could help us out.
Cheers for all help and advice received, much appreciated.
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