Setting up company in Australia ?

[Jumong]

Does anyone know if Australia imposes a minimum paid up capital for foreigners setting up a private limited company there ?

If you don't have a work permit in Australia, are you allowed to set up a company with just one foreigner shareholder cum director ?

 

[shawna]

No min capital set up if u want to incorporate a PL coy.

u dont need a work permit, but u need a biz visa to set up a company here

 

[fishbuff]

why do you want to set up business here? business tax is 30% followed by income taxes which can range from 27 to 45% depending on your incomes. pay up capital? $1 or 2 will do. you need ACN and ABN.. but that is for people with proper visas.

 

[valiant20]

why do you want to set up business here? business tax is 30% followed by income taxes which can range from 27 to 45% depending on your incomes. pay up capital? $1 or 2 will do. you need ACN and ABN.. but that is for people with proper visas.

Bro fishbuff, COMPANY TAX is 30%... not business tax. Sole Prop. tax is equivalent to income tax..

 

[Jumong]

why do you want to set up business here? business tax is 30% followed by income taxes which can range from 27 to 45% depending on your incomes. pay up capital? $1 or 2 will do. you need ACN and ABN.. but that is for people with proper visas.

What is ACN and ABN ?

 

[Jumong]

Bro fishbuff, COMPANY TAX is 30%... not business tax. Sole Prop. tax is equivalent to income tax..

I believe the turnover or profit must reach a certain amount before they tax you. Does anyone know the figure ?

 

[valiant20]

What is ACN and ABN ?

Australian Company Name & Australian Business Number..

Here's more info if you need http://www.asic.gov.au/asic/asic.nsf/byheadline/starting a company or business

Tax Rates on income http://www.ato.gov.au/content/12333.htm

 

[Jumong]

Australian Company Name & Australian Business Number..

Here's more info if you need http://www.asic.gov.au/asic/asic.nsf/byheadline/starting a company or business

Tax Rates on income http://www.ato.gov.au/content/12333.htm

Thanks, Bro.

 

[Leongsam]

why do you want to set up business here? business tax is 30% followed by income taxes which can range from 27 to 45% depending on your incomes. pay up capital? $1 or 2 will do. you need ACN and ABN.. but that is for people with proper visas.

Business tax is 30% but setting up a company opens to door to many deductibles plus a chance to take advantage of state grants.

I paid very little tax while I was in OZ.... all perfectly legal and signed off by my accountant.

 

[shawna]

I believe the turnover or profit must reach a certain amount before they tax you. Does anyone know the figure ?

if u make profit, u will get taxed. if u make losses, how are they going to tax u. running a biz u r able to claim deductions. deductions help reduce your tax. another point about state grant, not everyone is entitled to it.

 

[shawna]

What is ACN and ABN ?

ACN stands for australian company number
ABN stands for australian business number

to get ACN, u need to incorporate a business

but all businesses including sole traders and contractors must get ABN. ABN is monitored by ATO which is IRAS in singapore.

 

[fishbuff]

that is why most asians restaurants and shops deal in cash, and it is said that they have two cash register; one in the shop and the other at home.

you need some business/trade/profession insurance as well.

tax deductions.. income splitting, asset depreciation, fringe benefits tax etc.. but able to get businesses from the locals is another story.

 

[akunei]

Does anyone know if Australia imposes a minimum paid up capital for foreigners setting up a private limited company there ?

If you don't have a work permit in Australia, are you allowed to set up a company with just one foreigner shareholder cum director ?

Why do u want to go and work there? Aren't u worried that u will be labelled as Foreign Trash?

 

[Cruxx]

Why are Sinkies so dumb ah? Haven't Sinkies heard of "tax incidence"?

 

[tonychat]

ACN stands for australian company number
ABN stands for australian business number

to get ACN, u need to incorporate a business

but all businesses including sole traders and contractors must get ABN. ABN is monitored by ATO which is IRAS in singapore.

why dun you just drop dead and die...

 

[shawna]

Why drop dead and die? u xiao ah

why dun you just drop dead and die...

 

[blackmondy]

Why are Sinkies so dumb ah? Haven't Sinkies heard of "tax incidence"?

Sorry I only heard of sex incidents.