Tax question - not property related

[mumbai]

Hi All,

One of my friend is migrating to Aus this month. He is an Indian Citizen and has a company in Dubai. He deals with US clients for his business.

- He wants to know the best/cheapest way to get his business (and personal savings) money here legally after closing his Dubai Business.
- He will be opening the business here in Australia when he is here.
- His US client will be paying him >50K soon. So, he wants to know, if he should get it paid to his Dubai business account or personal account that he will open here in Australia soon.

 

[Paul@PFI]

Your friend should ask for personal advice incl Dept of Foreign Affairs who offer services to assist inbound migrants with such issues. These matters could have serious impacts if not correctly followed.

 

[mumbai]

Your friend should ask for advice.

He spoke to an accountant in India and Dubai. He has not migrated yet and not physically here at the moment.
I have provided him contact details of accountants I am aware of to speak directly as well.

 

[jrc]

Your friend needs to speak to an accountant who is experienced and competent in the tax affairs of people who are becoming resident in Australia. As a resident all your income from anywhere is assessable in Australia. Your friend is potentially blindfolded and in a minefield where the explosion will happen later. Your friend does not need another blindfolded person to lead him.

 

[mumbai]

I figured it out as well. Hence, provided him contact details of Tax Advisers here to speak to.