Hi folks,
Apologies if this has already been asked - i have searched the forum but cant find it discussed.
I am thinking of winding up my uk ltd company and moving to oz (my wife is an aussie) and i have some retained earnings in our UK LTD company.
i have been told that if i shut down the company, declare myself no longer a tax resident, pay any corporation tax owing on the money, then i can take the money out of the company tax free.
if i then transfer the money to our bank account in oz and then some months later arrive in oz (via a nice sunny country with a good beach and cheap beer).
the thinking is then that as neither my wife or i are aussie tax residents when we transfer the money into oz, so when we later become aussie tax residents, the money isnt counted, and we dont pay any tax in australia either.
This sounds too good to be true - has anyone done this?
your wise advice appreciated, and swapped for a beer if you visit down under!
cheers
greg
Apologies if this has already been asked - i have searched the forum but cant find it discussed.
I am thinking of winding up my uk ltd company and moving to oz (my wife is an aussie) and i have some retained earnings in our UK LTD company.
i have been told that if i shut down the company, declare myself no longer a tax resident, pay any corporation tax owing on the money, then i can take the money out of the company tax free.
if i then transfer the money to our bank account in oz and then some months later arrive in oz (via a nice sunny country with a good beach and cheap beer).
the thinking is then that as neither my wife or i are aussie tax residents when we transfer the money into oz, so when we later become aussie tax residents, the money isnt counted, and we dont pay any tax in australia either.
This sounds too good to be true - has anyone done this?
your wise advice appreciated, and swapped for a beer if you visit down under!
cheers
greg
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