reducing tax
#1
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Joined: Jan 2003
Posts: 11
reducing tax
Does anyone know if you start yourself in business as a company in Australia (even as a one man band) - and pay proceeds into a trust will this reduce the income tax to about 30%??
#2
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Joined: Mar 2003
Posts: 4,432
Re: reducing tax
Originally posted by Ant
Does anyone know if you start yourself in business as a company in Australia (even as a one man band) - and pay proceeds into a trust will this reduce the income tax to about 30%??
Does anyone know if you start yourself in business as a company in Australia (even as a one man band) - and pay proceeds into a trust will this reduce the income tax to about 30%??
#3
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Joined: Aug 2002
Location: Perth Arse end of the planet
Posts: 7,037
Re: reducing tax
Originally posted by Ant
Does anyone know if you start yourself in business as a company in Australia (even as a one man band) - and pay proceeds into a trust will this reduce the income tax to about 30%??
Does anyone know if you start yourself in business as a company in Australia (even as a one man band) - and pay proceeds into a trust will this reduce the income tax to about 30%??
Good to see a refugee dreaming of tax avoidance , go for it .
http://users.bigpond.net.au/renton/sta.htm
#4
BE Forum Addict
Joined: Feb 2002
Location: Dream life UK....
Posts: 2,912
Company Tax is 30% but that is on every single dollar. If you are going to earn less than about 60,000 you are better off paying personal tax because of the exemption and lower rate on the first part of your income.
Also running a company involves a lot of registration fees, accountant fees etc, compliance etc so weigh it up carefully.
Also running a company involves a lot of registration fees, accountant fees etc, compliance etc so weigh it up carefully.