questions regarding setting up a business

[Rickduff]

G'day.

I would appreciate any suggestions anybody could make in regards to my situation.

I have recently picked up some weekend work that I will need to get an abn for. It isn't a huge amount probably less than $1000 a month. My plans are to not use this income on top of my eomolyee wage but to put it aside for investing.
Would it be worth setting up a company and a trust or would the amount of income not make it worth it? what would be the best way to go about using this income for investments?

I have zero knowledge on setting up a business or trusts and I'm trying get a bit of knowledge before seeing an account.

Thanks in advance for any help.

 

[The Y-man]

It's not an investment question - trusts etc are more about whether there is any asset you want to protect as a consequence of the weekend work (i.e. if you can be sued etc)

The Y-man

 

[Paul@PFI]

It depends.

Personal tax advice may be prudent. I have a client who did this and decided that he would channel that extra cash into reason to buy an IP.. He felt comfort the neg geared property was better supported by the additional income. So an apparent tax problem bcasme a better tax outcome as a result.