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