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Thanks K23! It seems you have a good setup going. $2500 is so...

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Ibza

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24/04/24

23:28

Post #: 73506977
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Originally posted by K23: ↑

I was asked if i had an ABN in the beginning not 100% sure if it was used tho, i also remember her saying that you can switch from a trader to an investor depending on circumstances/ yearly outcomes... but she did say it would need to be lodged with the ATO, not sure about running 2 separate styles at once, eg Trader & investor.

I am now set up as the director of a trust / company for my current situation, the tax benefits are definitely better. Now that i have a Trust / company i can also still trade / invest under my own name.

from memory, it was only about $2500 to set up a trust account, hope this helps... let me know if you want me to go through some emails to find out all the ins and outs.

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Thanks K23! It seems you have a good setup going. $2500 is so reasonable. When I have more money and profits I might eventually go see a financial planner and ask about trusts.
Quick question though, if you want to take money out of the trust to spend then is it an easy process?
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