Setting up in Australia

[Ox]

Hi all,
Are there any fellow Aussies (or anyone) out there who could help or have any suggestions......

In regards to trading as a business in Australia:
1) What is he best way to set this up ? (ie Trust/Company/Offshore ????)
2) What is the best way to bring money back into Australia when using a foreign broker ??
3) What tax implications are there ??
4) Are there 'specialist ' accountants that anyone knows about who have experience in this area

Any advice would be greatly appreciated.

Happy trading,
Ox

[novice]

If your broker is offshore any profits you earn from trading are going to be earnt offshore.

In that case have a look Lance Spicer's information. His website is tridentpress.com.au

Have a look at The Invisible World - Financial Freedom in particular.

If your broker is onshore you don't have too many options.

[buff]

Novice,

Good advice on the Lance Spicer info - I am a big fan of his and really enjoy his books and way of thinking.

Ox, you will have to be careful on what you do here as any profits earned whether it be from onshore or offshore are still taxable here in Oz. Now there are obviously ways you can reduce this tax somewhat and you will need a good accountant, someone who is just not a compliance lacky for the ATO, but someone who thinks out of the box to ensure that the client (you) is getting the best deal possible.

A company set up is probably the simplest most effective way to start as a companies tax rate here is a flat 30%. That is the advce I received, but I really don't know all the ins and outs to go into it here.

Ox you may wish to check out my accountant's firm at http://www.profitpower.com.au/ Their web site gives you an idea of what they do but it is probably better if you ring them direct and speak to Graham Donnelly if you can. I did learn something a long time ago and that was get good people in your team. It may cost a few extra bucks initially but in the long run it will pay off ten fold - trust me on that as I am talking from experience. Hope this helps you out a bit.

[Jovica]

When I was choosing a broker, one of my considerations was the tax implications. Choosing an Aussie brokerage simplifies the process a lot bt I could not seem to find one I was comfortable with. I believe the majority of them are white labels any way. CMC Australia seemed like one of the better ones, but they pretty much laughed when I asked for guaranteed stops and limits. If I were you, I would seriously consider someone like Advanced Currency Markets out of Switzerland. Trust me, it out of the square.
If you would like some more info, email me.

[Jeditrader]

Of the larger international forex dealers who are licensed in Australia you can consider GFT as well as CMC. GFT does offer guarantees on stops and limits, however.
Jedi

[Ox]

Jovica,
Thanks for the info on Advanced Currency Markets - it looks very interesting.
What are the benefits of dealing with a swiss broker (as an Aussie) ??
Any info you have on setting up trading as a full time business here in Oz would be greatly appreciated !!
Do you know any accountants you would recommend that have knowledge in this area ??
Thanks again Jovica,
Ox
everettsean@hotmail.com

[achan]

Hi Jovica,

Please email me too with info. i am currently looking at setting up an account from Australia as well.

Regards.
bchan

bchan_12@hotmail.com

[Smooth Operator]

An Australian friend said his broker in the US made him sign a form saying that he will have to pay a 10% witholding tax to USA.
Has anyone heard of this? I haven't.
Would a Nevada Corporation be the way to go to minimize tax?