I visited US last year, found a decent property manager. Came back and bought several cheap houses that have been rehabbed under her supervision, tenants found before work completed. However, the tax side is a nightmare. I was advised to put houses in an LLC, did that, now I am informed that, I will be taxed in Aust, as well as US because they consider I am living here and managing the Company from here. Plenty of accountants in US do not understand tax treaty with Aus and why should they? Likewise there are a few US trained accountants here that know both sets of rules. Some also do US tax returns from here, but I can't seem to get the right answers on whether houses should be in LLC's, personal name, whether I should have a Delaware company should I be sued, whether I should set this up as Australian Super, it goes on and on.
I want to find someone who is clued up and knows their stuff and is not too busy to give me 30 mins of their time, without me having to book them 3 weeks in advance and then I am on a timed call. Reasonable charges as well would be nice.
How do I find one that knows both countries' tax rules and can give good plain advice, without me worrying that I will get a $50K tax bill 3 years later, all because someone didn't tick the right box now.
I am not sure if I have posted this in the right section, I have just joined up.
You need two accountants. Find a good Australian accountant that understands the Australian rules. Find a good Delaware accountant, not just American because they are a bit different over there.
Ask the American one what to do within their rules and then tell the Australian one what he said. The Aussie one will tell you the pros and cons if he is worth their salt. You may have to go back and forth a couple of times however it is better then them doing it if you want to save money. Don't expect something for 30 mins free advice, you pay peanuts you get monkeys $1k now or $50k latter.
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