Welcome to the first edition of BBQ Talk.
The blog designed to expose or clarify the well meaning advice we sometimes all receive while standing around the BBQ!!
BBQ TALK ADVICE
You can save heaps of tax by running your business through a company, partnership or trust.
This may be true, but there are rules relating to Personal Services Income which may see the income taxed in your personal name, regardless of the tax structure.
If you earn your business income mainly from your personal efforts or skills and don’t have trading stock, large business assets and multiple employees, then you should seek advice before setting yourself up in a different tax entity.
There are some structured checklists we can take you through to see what might be the right tax structure for your business.