We are starting the process of visas now but are unsure about our business. We are leaving the business to our son and were hoping to still take dividends out while in Oz. Is this possible or will we be taxed twice? would it be better to leave it in the company then use for flights home and take when needed or to take regularly and have it transfered straight over?

Your tax question is a somewhat complicated and personal issue.

I recommend you seek the advice of a professional international taxation specialist.

You do not want to risk taking bad advice on such an important matter from a public forum.



Best of luck

I would take the advice that Lady M is giving you as it sounds like you will have a very tricky tax problem.

You talk about taking dividends or leaving it in the company for other uses. This implies that you will remain major shareholders of the company.

If you are shareholders of a foreign company when you become permanent residents then you will fall foul of either the Controlled Foreign Company (CFC) Rules or the Foreign Investment Fund (FIF) Rules or possibly both. These rules are horrendously complicated and will involve keeping special tax records. As major shareholders you are likely to suffer tax whether or not you take money out of the company.

I am assuming 2 thing here firstly that you are applying for permanent residence (rules are different if on temporary visas) and secondly that your business is a family owned type business not quoted on a major stock exchange (different rules again for shareholders of foreign quoted companies)

If you also have life policies in the UK these will become subject to the Foreign Life Policy (FLO) Rules in Oz and again these rules are a nightmare for the unaware.

Alan should be able to recommend a suitable tax specialist in the area that you are going to settle in.