Hi Everyone,
I was wondering if a bright spark could help me out with some basic accounting/tax questions
Me - works and gets 120K salary . has half share of family house which has a $1.2M mortgage. No other investments or assets
Wife - Has shares worth $1.3M and 200K in cash, Gets dividends and interest as income. Generally about 60K or thereabouts and a good portion is franked No other assets or income
So, my wife would like to start working on a part time basis. She is a therapist and would make about 25K per year for working 1 day per week. She would over a 5 year time span increase her days and salary to about 75K
We are looking at get an IP or 2. Whose name should these go in?
She getting income from the shares and therefore if she works she'll have to pay much more tax than if she didnt get any dividends? When she goes to work, should she operate as a sole trader and pay tax direct to the ATO, or should she start up a company and then is there some way she can minimise her tax through a company?
Thanks
John
I was wondering if a bright spark could help me out with some basic accounting/tax questions
Me - works and gets 120K salary . has half share of family house which has a $1.2M mortgage. No other investments or assets
Wife - Has shares worth $1.3M and 200K in cash, Gets dividends and interest as income. Generally about 60K or thereabouts and a good portion is franked No other assets or income
So, my wife would like to start working on a part time basis. She is a therapist and would make about 25K per year for working 1 day per week. She would over a 5 year time span increase her days and salary to about 75K
We are looking at get an IP or 2. Whose name should these go in?
She getting income from the shares and therefore if she works she'll have to pay much more tax than if she didnt get any dividends? When she goes to work, should she operate as a sole trader and pay tax direct to the ATO, or should she start up a company and then is there some way she can minimise her tax through a company?
Thanks
John