The concept of a ‘bucket company’ is used to describe a company into which distributions from a discretionary trust are made to cap the tax rate on the trust’s income to the flat company rate of 30%.
Will all business owners be required to return profits from their businesses as personal services income if they are involved in the business? Will they be required to earn a ‘market wage” (whatever that is)?
We have extensive experience in dealing with the Tax Office and helping clients find a way through their taxation issues.
There is one person who has almost as big an interest in the sale of your business as you do – and that is the Tax Man.
This article discusses the practical impact of the change-over to a National Business Names Register administered by ASIC.