Moving to Australia - Need Ltd Company Advice (Dormant or close?)

[dgordon1980]

When I did it, I put my company dormant, gave the accountancy a half fee to manage everything (they did a rubbish job) - but it worked out ok.

Just remember to do your tax return in Oz, when you're in OZ ; and remember to do your annual return at companies house.

Oh and watch out for the "super" scam , you're forced when working over there to pay super (a pension type thing to a bank) - many agents wont tell pommes about this and it can mean a 20% cut in your income.

It's a proper bugger to get out too, when you come back home.

Thanks mate! I don't think i am coming back as I have got a permanent residency visa.
Can you tell me what the major advantage is of keeping the company dormant, I am guessing it means i get hit by less tax etc for divident withdrawal?

I am hoping my accountant will tie up all the loose ends such as vat, tax, and corp house etc

[Scoobos]

When I did it, I put my company dormant, gave the accountancy a half fee to manage everything (they did a rubbish job) - but it worked out ok.

Just remember to do your tax return in Oz, when you're in OZ ; and remember to do your annual return at companies house.

Oh and watch out for the "super" scam , you're forced when working over there to pay super (a pension type thing to a bank) - many agents wont tell pommes about this and it can mean a 20% cut in your income.

It's a proper bugger to get out too, when you come back home.

[EternalOptimist]

Speak to your accountant as to the best way to proceed with this, especially if you are moving out of the country.

Speak to everyone you can, incl your accountant.

My accountant sent out a flyer, saying that if you went dormant, rather than closing, you could save CT on x amount of money which would equal y amount of tax, provided you left x in the company account for a year.

y just happened to be what he charges me for the accounts for a year.


Based on that, I would suggest closing down, there is no gain, except reducing the admin and any worries.

[dgordon1980]

is the answer he was hoping for.

haha indeed, that and I will avoid my student loan too!

[oscarose]

Good luck and watch out for the jellyfish.

HTH

[Bunk]

If you're not coming back to the UK, just withdraw it all as cash and take it to Oz with you.

is the answer he was hoping for.

[kingcook]

Hi,

I am looking to move to Australia in July and have just completed my EOY accounts, and paid my corporation tax. I have around 25k of allocated dividends in the account, but am unsure about the best way to manage the funds withdrawal. Is it simpler to just close the business and withdraw what I can? Or Defer profits and keep the business dormant for a period of time?

If you're not coming back to the UK, just withdraw it all as cash and take it to Oz with you.

[norrahe]

Speak to your accountant as to the best way to proceed with this, especially if you are moving out of the country.

[dgordon1980]

Hi,

I am looking to move to Australia in July and have just completed my EOY accounts, and paid my corporation tax. I have around 25k of allocated dividends in the account, but am unsure about the best way to manage the funds withdrawal. Is it simpler to just close the business and withdraw what I can? Or Defer profits and keep the business dormant for a period of time?

Any advice on this would be much appreciated.

Many thanks,
Dave