Local tax on International Business in BVI

[Christian9]

Hi,

Thinking about incorporating in BVI. Personally I am based in Australia, but the company is web based and has no actual dealings with Australia. It wouldnt employ Australians either but in time, it may elsewhere in the world.

For arguments sake let's just say I can get a bank account in some other country.

If I was to do this and let ASIC/ATO know about it, do I have to pay tax on the profits (even if those profits never hit Australia), or do I pay tax on what I bring back into Australia?

Thanks in advance,
C

 

[Sols]

The company becomes tax resident in Australia and has to pay tax in Australia same as an Australian company. If your BVI company does not pay tax in Australia, you are engaged in tax evasion.