Home – New Forums New here? Share your story 2 Dentists looking for Tax advice

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  • #988105
    SimRem
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    Hello
    I’m very glad we found this website.

    My wife & I are new to Australia (arrived May 2nd) each on a working Visa Subclass 417. After visiting the beautiful Sydney, Cairns & Port Douglas – we have now been offered temporary jobs (we are both Dentists) in Queensland starting Tuesday 10th June. We have registered with the relevant Dental bodies and are now looking at our tax and accounting situation – with which we need some help & advice.

    Should we be registering for ABN’s or setup a partnership/company with an ACN?

    From what i have gathered an ABN may be more relevant as we are starting work before the tax year finishes at the end of this month and may not be in Australia for the full working year (we would like to see how it goes, but are hoping to possibly staying here permanently). If we do register for ABN’s should we register as resident’s or as non-resident’s? (we have already paid UK tax on our earnings back home) – it would seem registering as Residents would be tax-adventageous. I also hope i may be able to do our tax assessments without an accountant if this is the case, as we are young dentists and have little money saved.

    The alternative is registering for an ACN, from what i have read we would be best of with an accountant or tax agent to do this due to the paperwork, but which one is best? We estimate that if we were to stay for the full year we would hope to earn approx. $200k each. Would the tax benefits of registering as a company/partnership overcome the disadvantage of loosing out on 9% super contributions? Our visa means we would have to work for no longer than 6months in one job – so although we are going to be working for just one employer for the next 6 weeks – we may end up working for 1/2 more employers each during our stay.

    Im sure there are more factors we have overlooked and we would greatly appreciate any advice anyone on this wonderful forum would be willing to provide.

    #1165627
    Dave Gillen – Former FS Concierge
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    Hi Simran and Reema,

    Welcome to Flying Solo!

    I can’t offer you any advice on this topic, but others may be able to offer some advice. Your situation sounds reasonably complex though, and I’m sure most forum members will recommend you sit down and work this through with an accountant. It’s the only way the advice can really be tailored to your situation and that will give you the basis for making confident decisions.

    Best of luck!

    Dave

    #1165628
    Luth6322
    Member
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    Hi Simran and Reema

    You will need to register for an ABN if your operating a business no matter what. There is some good information on the ATOs website regarding registrations required for business.

    https://www.ato.gov.au/Business/Registration/Work-out-which-registrations-you-need/

    Regarding the type of legal structure it’s always best if you could talk to a professional regarding this as the best solution will depend very much on your particular circumstances and what you would like to do long term etc.

    Cheers

    Carrie

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