Hey eurotravellover, you are a wealth of info...am guessing you are in the accounting field, have come across a number of your helpful posts before.
Yes i have an accountant but I like to know background before discussing and not all accountants know the ins and outs unfortunately...that aside
The 1 mill was made from trading shares and bank interest, there is no assets in the co whatsoever only cash.
Aha division 7a i have just been reading about but yet to get to the nitty gritty.
I am the only shareholder and my income is 100k a year.
Well I figure if the co has consistently made money every year and the trust was now to takeover the money making the co would lend it the money?
"interest is charged by the company at the rates set by the ATO and minimum levels of repayments are made each year" ANy ideas on rates and time frame on this?
The trust owns nothinhg yet but i understand i can transfer my ppor into the trust if needed?
