Whoa!! my first post.
On advice from accountant and as i am currently in a high personal tax bracket, I have set up a Pty Ltd company solely to manage my IP’s which then transfers a portion of the rent collected to me as personal income. To maximise tax benefit. Question: 1. Do i need an ABN for me personally?
[cap]lifexperience
personally i would have structured it differently. perhaps a family trust with the ability to distribute to a company to cap the tax at 30%. anyhow, it depends on how you are pulling the cash out of the company as to whether you need an abn. if it is salary, then no. if it is as a management fee or contracting fee then most likely yes.
hope this helps.
just set up a company.. and no you dont need an ABN, however the bank will NOT release funds from a company account without an ABN. I know what you are all thinking, but myself and 2 others who set up a company at the same time all had this problem. this was two – three weeks ago, and i am still waiting on the ABN.
cheers
shaunLead, Follow or get out of the bloody way
shaunwalker, he was asking about an ABN in his personal name not for the company. with respect to your problem, i would contact the ATO and ask them to fast track the ABN application and issue you with a Safety Net Letter. This will allow the bank to release the funds to you early as the letters are usually sent out in a couple of days.
my mistake, thought he was talking about a company. i will contact the ato today and see what they can do for me.
cheers mate
shaunLead, Follow or get out of the bloody way
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