An Australian resident wanting to set up an "offshore company" primarily to bet with (and maybe trade with), and trying to learn the tax implications / pitfalls. Trying to obtain reliable help without paying $1000-$2000 / an hour to a big firm.
I am an Australian individual and resident, who is interested in setting up an International Business Company (IBC) or "offshore company" for the specific purpose of betting / gambling with corporate accounts in the name of said IBC. However, I may also be interested in using the same or similar structure but instead for trading purposes at a later date.
I have read that it is quite common for Forex traders to use IBCs or offshore companies to trade with. Therefore, I think that that would be a close analogy for the required specific advice in my opinion. Any help provided to an Australian Forex trader using an IBC or "offshore company" could form as a template for me, I'm guessing. The main difference is that my main purpose is gambling or betting instead of trading.
Questions:
- Is any legal advice obtained likely to help me in court if I land in trouble with the Australian Taxation Office (ATO)?
- Where are the best / most favourable but still legal and safe place to incorporate the IBC for the purposes of betting and/or trading?
- Am I financially disadvantaged in terms of increased tax on winnings if I use a IBC instead of a personal account for gambling?
- Hypothetically, if I had to pay tax on gambling or betting profit, how would I import / report the profit or loss into my individual Australian tax return made from betting with this IBC. How would this be different if the profits were trading profits instead?
- How would I go about setting up an IBC by myself? Would I hire someone to do it for me?
If you can provide any relevant help, any idea where can I obtain fair-priced and reliable legal / tax advice, it would be much appreciated. I was told by my accountant that this wasn't his area of expertise and that I probably would need "specialist international tax advice" and that he could only refer me to a big Australian firm, that would charge me $1000-$2000 / hour.
Any help appreciated.
I am an Australian individual and resident, who is interested in setting up an International Business Company (IBC) or "offshore company" for the specific purpose of betting / gambling with corporate accounts in the name of said IBC. However, I may also be interested in using the same or similar structure but instead for trading purposes at a later date.
I have read that it is quite common for Forex traders to use IBCs or offshore companies to trade with. Therefore, I think that that would be a close analogy for the required specific advice in my opinion. Any help provided to an Australian Forex trader using an IBC or "offshore company" could form as a template for me, I'm guessing. The main difference is that my main purpose is gambling or betting instead of trading.
Questions:
- Is any legal advice obtained likely to help me in court if I land in trouble with the Australian Taxation Office (ATO)?
- Where are the best / most favourable but still legal and safe place to incorporate the IBC for the purposes of betting and/or trading?
- Am I financially disadvantaged in terms of increased tax on winnings if I use a IBC instead of a personal account for gambling?
- Hypothetically, if I had to pay tax on gambling or betting profit, how would I import / report the profit or loss into my individual Australian tax return made from betting with this IBC. How would this be different if the profits were trading profits instead?
- How would I go about setting up an IBC by myself? Would I hire someone to do it for me?
If you can provide any relevant help, any idea where can I obtain fair-priced and reliable legal / tax advice, it would be much appreciated. I was told by my accountant that this wasn't his area of expertise and that I probably would need "specialist international tax advice" and that he could only refer me to a big Australian firm, that would charge me $1000-$2000 / hour.
Any help appreciated.
