Hi we are a family of 3, Mum, Dad & Daughter. We are going to run a caravan park which pays $350pw retainer plus 30% of income. (Average annual income is only $110,000 so we will get about $33k pa plus retainer).
We know we have to set up an abn but how would we do that so it shows each of us earns a third to reduce the tax?

Hi Debbie

You should be setting up a trust or company structure or a combination of both to run the business.

The business can pay each of you wages for the time put in and then in case of trust structure, you should be able to distribute the profits left in the business as they suit you.

Hi there,

I would suggest a family trust where you are all beneficiaries.

Your total income will be about 60k and split 3 ways means probably no tax.

Go and see a good Accountant.

AJ