Quote:
Originally posted by richard123
So... how do you get the money out from the company without paying the balance between the 47% and the 30%?
|
I'm about to look into this myself, I'm already losing money as an individual by not setting up a company... I don't know if there will be any direct monetary benefits (unless you do tricky things like deliberate losses or keep most of your profits sitting untouched in a corporate bank account), but there should be indirect benefits such as salary sacrificing (cheaper new car!) and super. Another way to save a bit of on income tax with a teired system like Australia is to employ your partner and split the salary down the middle.
Let's say...
100k taxable income on Joe Aussie
=$33,807 in tax
But split that in half...
50k taxable income on Joe Aussie
50k taxable income on Jo Aussie
=$11,172 each ($22,344 total tax)
BTW, I'm in Melbourne too.
