I'm a newbie in Australia, want to set up RE corp - Posted by Shirley

Posted by Shirley on March 28, 2000 at 17:33:03:

Hi Rob,
Thanks for the info. Yes, I had assumed that there would be a tax liability in both countries depending on how I set it up. As long as I’m not paying tax twice on the same thing! I want to set up a Nevada Corp for liability protection and privacy as here in Aust. there is no such mechanism for privacy.
I thought possibly (obviously I need professional advice) I’d like to form a LLC or LP (or its equivalent) here for passive rental income and partner it with a Nevada corp where I could purchase property to flip here in OZ. So if the income for the Nevada Corp would I guess then be taxed in US even though the property is in OZ.

I’m a newbie in Australia, want to set up RE corp - Posted by Shirley

Posted by Shirley on March 27, 2000 at 17:12:26:

Hi group, I’m a first time investor and need help and advice. I reside in Australia and want to set up a Nevada C-corporation for my RE investing, and a LLC for my RE passive income investments. Can I purchase property in Aust. using these entities and then do I pay tax in US or OZ? Which is the better country to purchase in since I live in OZ and obviously I cannot keep an eye on properties in the US?
Any help appreciated.

I am no Atty but my guess is you would pay in both countrys - Posted by IdahoRob

Posted by IdahoRob on March 28, 2000 at 02:00:11:

Hi Shirley

From US taxs laws I remember reading about if an enity made a profit out side of the US but was US formed and was chartered in the US it was subject to US taxes. Sense you are investing in OZ then of course taxes would be paid there as well. Shirley Please remember this is not legal tax advise here. Just some info I remember reading.
What are your reasons for incorpating in the US—
My guess is for idenity and lawsuit protection.
If that is the reason–What do others do there for protection of this kind?
I hope that others will post more here — and we do have a tax atty that sometimes post here so maybe you will get somemore help.

Rob Harris