Something I read in this months API magazine alluded to being able to pay my spouse to do work on our IP which is owned solely in my name.
The basic plan would be to pay my wife a small fee each month for book keeping for our IP, soon to be 2 IPs both owned 100% in my name.
She already has an ABN number as she does a half day each week doing book keeping for small business and some tutoring as well.
I'd get an invoice each month from her and deposit the payment in her bank account.
Does anyone know if this possible? How would I work out a suitable price to charge, or more to the point how much could I charge before the ATO would have a hissy fit about it?
Obviously I'll be getting actual advice from my accountant but I am interest in peoples thoughts on the subject as it isn't something I'd even thought would be possible until now.
The basic plan would be to pay my wife a small fee each month for book keeping for our IP, soon to be 2 IPs both owned 100% in my name.
She already has an ABN number as she does a half day each week doing book keeping for small business and some tutoring as well.
I'd get an invoice each month from her and deposit the payment in her bank account.
Does anyone know if this possible? How would I work out a suitable price to charge, or more to the point how much could I charge before the ATO would have a hissy fit about it?
Obviously I'll be getting actual advice from my accountant but I am interest in peoples thoughts on the subject as it isn't something I'd even thought would be possible until now.