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Sarah g

Setting up a business

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Not sure if this is the kind of thing anyone can help with or was hoping someone could point me in the right direction.

I am a Brit living in the UK and I'm looking to set up an Australian based travel agency franchise in partnership with a friend who is an Australia permanent resident. I can't find information on how to set this up. Can anyone help?

Can we set up a partnership like in the UK? Or is there an equivalent of. Limited company? What are the tax implications? The business will be split 50:50.

Many thanks in advance 

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Many thanks for this.  I had looked at the link but I think my question is a bit more specific as I am going to be working from the UK and with a someone who is Australian resident and wondered if there's anything specific I need to consider / know and not sure where to go to find that answer.

 

Many thanks x

 

 

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If the business is based in Australia then your Aussie partner should seek advice from an Aussie accountant used to business accounts.  It is perfectly possible but there are some rules you need to be aware of.  You will need to asses your own tax position in relation to the business.


So many wineries ......so little time :yes:

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9 hours ago, rammygirl said:

If the business is based in Australia then your Aussie partner should seek advice from an Aussie accountant used to business accounts.  It is perfectly possible but there are some rules you need to be aware of.  You will need to asses your own tax position in relation to the business.

Going to be a headache both for the Australian partnership and for UK tax on the partner in the UK. You can end up with a taxable profit in the UK which is different to your share of the profit in Australia due to different accounting and tax rules. Setting up an Australian company would be much simpler than having a trans-national partnership (everyone knows where they are once the only international tax issue is the dividend) - but whether or not it would be the best solution in the long run is much harder to say.

FYI the equivalent of a UK limited company in Australia is a Proprietary Limited Company (Pty Ltd) while what is called a Limited Company in Australia is a PLC in the UK.

Edited by Ken

Chartered Accountant (England & Wales); Registered Tax Agent & Fellow of The Tax Institute (Australia)

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