Hey Guys
My wife has been out of work for over a year now we are at the end of our savings , so need to off load a unit and have decided to start a business of our own . I have a question
Say we come out with $48k before CGT and we loan that stright to the business do we still have to pay the CGT in this FY 09-10 or pay when the money is returned ?
Does it count as income FY09-10 ?
We have been getting centrelink benifits while my wife has been unemployed and if we have to claim the money this FY we would owe a lot back and only walk away with $5k
Any ideas or advise ?
Cheers
Martin
My wife has been out of work for over a year now we are at the end of our savings , so need to off load a unit and have decided to start a business of our own . I have a question
Say we come out with $48k before CGT and we loan that stright to the business do we still have to pay the CGT in this FY 09-10 or pay when the money is returned ?
Does it count as income FY09-10 ?
We have been getting centrelink benifits while my wife has been unemployed and if we have to claim the money this FY we would owe a lot back and only walk away with $5k
Any ideas or advise ?
Cheers
Martin