Family Trust PTY Biz question
Jan 11th 2007, 3:59 am
#1
Purveyor of Beaches
Thread Starter
Joined: May 2003
Location: Caloundra Sunshine Coast Yippee
Posts: 374
Family Trust PTY Biz question
Background
I set up a family trust in Feb 05, incurred some substantive set up, licenseing, travelling & training costs & set up the businessname PTY LTD in May.
This then became the new name of the biz I took over from 1st June 05, my tax returns are from the inception of the trust ie Feb 05.
Question
Can I class the 2 years trading for my 457IE from the inception of the trust Feb 05 or when I have actually taken over the biz June 05.
Query
The point being their is a substantive amount of training & cost associated with the training required to buy that business. In other words without the training, licence, travelling etc, I could not of started / taken over the business on the 1st of June without the investment of time / money etc prior to the 1/6/05.
Read twice then HELPPPPPPPPPPpppppppppp MEEEEEEEEEEEEEEEeeeeee
I set up a family trust in Feb 05, incurred some substantive set up, licenseing, travelling & training costs & set up the businessname PTY LTD in May.
This then became the new name of the biz I took over from 1st June 05, my tax returns are from the inception of the trust ie Feb 05.
Question
Can I class the 2 years trading for my 457IE from the inception of the trust Feb 05 or when I have actually taken over the biz June 05.
Query
The point being their is a substantive amount of training & cost associated with the training required to buy that business. In other words without the training, licence, travelling etc, I could not of started / taken over the business on the 1st of June without the investment of time / money etc prior to the 1/6/05.
Read twice then HELPPPPPPPPPPpppppppppp MEEEEEEEEEEEEEEEeeeeee
Jan 11th 2007, 4:40 am
#2
Retired
Joined: Apr 2004
Posts: 34,649
Re: Family Trust PTY Biz question
Background
I set up a family trust in Feb 05, incurred some substantive set up, licenseing, travelling & training costs & set up the businessname PTY LTD in May.
This then became the new name of the biz I took over from 1st June 05, my tax returns are from the inception of the trust ie Feb 05.
Question
Can I class the 2 years trading for my 457IE from the inception of the trust Feb 05 or when I have actually taken over the biz June 05.
Query
The point being their is a substantive amount of training & cost associated with the training required to buy that business. In other words without the training, licence, travelling etc, I could not of started / taken over the business on the 1st of June without the investment of time / money etc prior to the 1/6/05.
Read twice then HELPPPPPPPPPPpppppppppp MEEEEEEEEEEEEEEEeeeeee
I set up a family trust in Feb 05, incurred some substantive set up, licenseing, travelling & training costs & set up the businessname PTY LTD in May.
This then became the new name of the biz I took over from 1st June 05, my tax returns are from the inception of the trust ie Feb 05.
Question
Can I class the 2 years trading for my 457IE from the inception of the trust Feb 05 or when I have actually taken over the biz June 05.
Query
The point being their is a substantive amount of training & cost associated with the training required to buy that business. In other words without the training, licence, travelling etc, I could not of started / taken over the business on the 1st of June without the investment of time / money etc prior to the 1/6/05.
Read twice then HELPPPPPPPPPPpppppppppp MEEEEEEEEEEEEEEEeeeeee
The chances of getting a meaningful reply to a question as specialised as this on an online forum are really minimal. With respect, you ought to seek advice from a professional familiar with this area.
Jan 11th 2007, 4:56 am
#3
Purveyor of Beaches
Thread Starter
Joined: May 2003
Location: Caloundra Sunshine Coast Yippee
Posts: 374
Re: Family Trust PTY Biz question
Hi JAJ, I did ask my accountant that was a waste of time
He didn't know so I was hoping for some charity on here from the specialists. Hopefull someone may come through, but where else could one ask but for the obvious places such as these. At least I put it in the right forum this time
I need this info to decide whether or not to go forward due to other issues that you have kindly contributed to in the past. Keep up the charity work JAJ it really is appreciated in difficult times like these.
He didn't know so I was hoping for some charity on here from the specialists. Hopefull someone may come through, but where else could one ask but for the obvious places such as these. At least I put it in the right forum this timeI need this info to decide whether or not to go forward due to other issues that you have kindly contributed to in the past. Keep up the charity work JAJ it really is appreciated in difficult times like these.
Jan 11th 2007, 5:57 am
#4
Reg. Migration Agent
Joined: Jan 2003
Location: Inner Western suburbs of Sydney
Posts: 4,483
Re: Family Trust PTY Biz question
Hi JAJ, I did ask my accountant that was a waste of time He didn't know so I was hoping for some charity on here from the specialists. Hopefull someone may come through, but where else could one ask but for the obvious places such as these. At least I put it in the right forum this time
I need this info to decide whether or not to go forward due to other issues that you have kindly contributed to in the past. Keep up the charity work JAJ it really is appreciated in difficult times like these.
He didn't know so I was hoping for some charity on here from the specialists. Hopefull someone may come through, but where else could one ask but for the obvious places such as these. At least I put it in the right forum this timeI need this info to decide whether or not to go forward due to other issues that you have kindly contributed to in the past. Keep up the charity work JAJ it really is appreciated in difficult times like these.
In fact the question you've asked is quite a complex one - it may have a simple solution if the two entities can each be treated as a "main business" which is "actively operating" or you may for strategic reasons want to make an application for the subclass 845 visa, which doesn't involve approval by the state and only requires an 18 month ownership period. But I think you ought to think about engaging a migration agent - there are good ones in Queensland, for example.
Cheers,
George Lombard
Jan 11th 2007, 11:52 am
#5
Purveyor of Beaches
Thread Starter
Joined: May 2003
Location: Caloundra Sunshine Coast Yippee
Posts: 374
Re: Family Trust PTY Biz question
George your right I'm just waiting for the medical info on my wife, then I can engage. It is the 18mth visa route I wish to go. Thanks will be in touch.
