Another tax Question.

[beech]

If i was to set up trust for property could my self_imployed income go into the trust and be distributed to my wife and self equally thus saving some tax?

maybe even my kids?


thanx Darren

 

[DaleGG]

Hi Darren

A lot will depend upon the nature of that income. If the income was from wraps, or from property generally then yes you can. However, if the income is from your own personal exertion such as an IT person then no you cannot.

Dale

 

[Lotana]

" if the income is from your
own personal exertion such as an IT person then no you cannot"

...unless you develop a software product and sell it to customers selling a product rather than your labour.

Regards,

Lotana

 

[beech]

oh well it was worth a try.

thanx

 

[geoffw]

Hey Beech,

I'm not sure if this would be a possibility.

What if you company quoted for the job. That quote included Mrs Beech, for instance, loading bricks into the thingy which loaded bricks up to the bricky. The trust could charge Mrs Beech for the loading, and the bricky for doing the job.

If MrsB was willining to put on the gloves for a while, would that be a possibility?

(Not asking you, I'm asking the accountants)

 

[beech]

Actually GeoffW she has donned the gloves before.



Thanx for the thought Geoff.
Maybe she could hire the brick elevator in her name and charge me for 2nd storey loading up of bricks?

What do u say Dale?

Darren