Hi first time poster to this forum, but long time looker
We've purchased an IP in our family trust, which was setup by our accountant early this year. It is positive geared, about $3,000. Our accountant has told us that we can easily not pay tax on it this year by paying a Director Fee? I queried him on this and how it worked and he said that it means we can just not pay tax this year and bring it in a later year when our taxable income is not so high. Has anyone else heard of this and is it legal?
thanks Mick
We've purchased an IP in our family trust, which was setup by our accountant early this year. It is positive geared, about $3,000. Our accountant has told us that we can easily not pay tax on it this year by paying a Director Fee? I queried him on this and how it worked and he said that it means we can just not pay tax this year and bring it in a later year when our taxable income is not so high. Has anyone else heard of this and is it legal?
thanks Mick