Hi PutUsernameHere first off thank you for taking the time to post me that info. I found this out a few days ago from my accountant much to my disappointment. I was advised my daughter would be hit with 66% tax on her profits.
So the way i see it i have two choices, buy the shares for her but in my trading account and put her profits into her bank account thats under my name, or open a trading in my wife's name.
Im still looking into what other avenues i have seeing her account is already open, especially after all the hoops i had to jump through just to open one. Currently I've put my daughters savings into my commsec account ready to buy shares on the CR and will book keep what profits she makes separate from mine.
Gov screws people every which way when trying to make money. People who have 2 jobs get taxed a ridiculous amount of money. No wonder people are so suppressed and live in constant debit, it's the way the system has been designed.
Suppression equals control.
Cheers
Darren
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