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I own a design firm in Australia - All my clients are Australian based and they just simply would not deal with a cyprus/panama company. Basically I make around 250k a year and see a very large chunk of this go to the government to be squandered on free flights for politicians and dole bludgers.
I am currently setting up an internet site selling bits and pieces. I plan to start a bank account in Hong Kong (under a Seychelles based IBC )
I have looked at banks over there and found one that I like (1% visa fee on atm withdrawals as well as reasonable priced money transfers to china (my supplier))
I have been reading the ATO's blog that they monitor the use of ATM cards aswell as EVERY wire transfer going out (Its hard to believe as they would need 500000 employees)
Basically my question is this. Is there any way to lessen my tax burden in Australia with an offshore solution. Say I buy an IBC in Seychelles is there anything stopping me from opening a bank account then shut the IBC down saving me 500-1000 dollars a year?
I have looked at dumping money into super however this still has kevin rudds finger in the pie at 15% on earnings each and every year (You cannot get ahead that way.)
Overtaxed Aussie
REPLY:
You do not need 500,000 employees to monitor the transfers going out to Seychelles companies with Hong Kong bank accounts. One server and one employee would suffice, just in case the banks would not report the suspicious wires. Software talent
REPLY:
Oh I forgot to ask aswell - HSBC's ATM cards can they be tracked to me via a corporate structure I know they put your name on them so I was thinking it might be on the electronic swipe aswell.
Is there such a thing as "borrowing" a IBC just to open a bank account with
Overtaxed Aussie
REPLY:
Contact www.uae-eu.com Adrian
REPLY:
I do see your point about austrac monitoring this however I didn't plan to draw my Australian income into this - Rather just my international. There wont be any monitoring as all funds will run through a pay gate thats offshore as well.
I do see that Switzerland are back flipping over there previous position and using there courts to get out of there tax exchange agreements they signed under pressure from Obama. Tho I would be reluctant to put too much in there as once bitten twice shy. Its going to be an interesting 6 months ahead of us in any case to see the end result. The way I look at it is there have been tax havens since Roman times. I cant see the OECD countries changing anything to prop up there own failing regimes.
REPLY:
Whether your name is on the ATM card or not is irrelevant and a corporate structure makes almost no difference. As long as the bank knows who you are, it’s like trying to protect your hind quarters with a fig leaf. Cash withdrawals in excess of 50 000 from one account and within 12 consecutive months trigger automatic cross-border inquiries. Aside from this, there are those built-in cameras in the ATMs, linked to servers with huge memory. You may of course get around that without a Halloween costume, but why do you need that hard cash anyway?
What you need is a VISA debit card, bundled with some IBC that comes complete with a beneficial owner. You may not even need to “lease” the IBC. What you pay is a commission on the volume of the card.
Alternatively, you may visit the local Middle Eastern/North African/South Asian community and ask for the Hawala brokers. They are honorable, reliable and move huge amounts of money via informal transfer systems.
Don’t get taken in by all the hoopla, coming from Switzerland. There is a sea change afoot there and the Swiss are just playing for time. The pressure gives no hint of letting up and the clients are leaving in droves. Software talent
REPLY:
Thanks software talent - I think your spot on with this one. Giving yourself up as the beneficial owner is risky policy's can change in an instant what was once safe the next day can be a dragnet. To make a 100% anonymous account seems to require a new identity.
Dominica it seems is very costly to "migrate" to
Those african countries are risky (probably stolen passports)
What about those hutt river passports - would a major bank accept them? Maybey I should ask prince Lenord where he does his banking :)
Anyone have a bulletproof scheme.
REPLY:
Overtaxed Aussie. Using a Seychelles IBC to trade through gives you more than just access to a corporate bank account. Using it just to set up the account and then letting the IBC die (or just "borrowing" one) would not be a good idea. Many banks will ask for a Certificate of Good Standing each year for the IBC to show that it still exists. If you did let it die and the bank found out it would freeze the account and all money in it. You would then have to pay to restore the company to regain access to the account. John www.offshoreformations.com John
REPLY:
try looking at q wealth website for answers or sovereign man a wealth of knowledge and advice there but no i do not think you could or should shut down your ibc in fact you could sell your imports from China to it and then sell it on to your australian company at can inflated price thus keeping the majority of your profits offshore doug wa
REPLY:
What bits and pieces are you actually selling?
You can not close a company that holds the bank account. a. You run the risk the bank finds out and freezes the account b) you would have no legal right to draw money from that bank account, since the company is non existent, you would have no more authorisation.
I also depends how much you are personally involved in the business in Australia.
Once solution could be to negotiate supply contract with your Chinese manufacturers via an IBC, this IBC is introducer of your Australian business and negotiates a commission with the supplier. China invoices goods to Australia, China pays commission to the IBC.
info(at)eu-hub.com Eu-Hub Malta Limited skype: euhubmalta www.eu-hub.com
REPLY:
contact www.sfm-offshore.com Resident Agent in Seychelles
REPLY:
Hi Overtaxed Aussie, I can't help much with the offshore tax reduction plans, being an overtaxed Aussie myself, but I might be able to help you get the most out of your super. Do you have a SMSF (Self Managed Super Fund)? If you do you can at least make the most of it, firstly you can contribute pre-tax and only pay a flat 15% tax - whilst you are still funding dole bludgers at least its a low rate, the same as Hong Kong income tax. Also with a SMSF you can choose where you place your funds, may I suggest the asset class that has outperformed all other asset classes over the last 10yrs - GOLD, and of course you only pay tax on your profits when you sell, and there are options to reduce or eliminate such taxes if you hold the gold in the fund until you retire and need to draw down the funds. If you want to know how to purchase gold or other precious metals for your SMSF please contact us at ABC Bullion, see our site: http://www.ausbullion.com.au/bullion.html Tears of the Moon
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