To summarise:
1. The partnership should become a P/L which has all the trading names registered to it.
2. All business assets used by the P/L should be transferred to a discretionary trust and rented/leased back. Also, a trust has the 50% exemption on assets, unlike a P/L.
3. The partners, now directors, receive income from both the P/L as…[Read more]

Hi Michael, thanks for the input []

Current Business
This partnership is just that, isn’t it? Not a P/L? Just confirming.

Yes it is a partnership rather than a P/L

New Businesses
These are using the same partnership, but different t/a names?

Yes

So it would be the same ABN for all three businesses (or more correctly, three t/a…[Read more]