I am an individual IT contractor and have created a company. Can I open a share brokerage account on my Business name and employ my wife as a stock option trader?
I want to utilise the money lying in my Business account to generate some extra profit.
If yes, how the earnings from both the business will be taxed and can I pay salary to my wife for her contribution as a trader?
Hi @ramsahu08
It's definitely an option to start trading with options and stocks in your company. And you can employ your wife, subject to employment laws with Fair Work.
It would work the same as any other business where employees process the sales of the business.
If she's an employee, she'd need to be paid like an employee and all the entitlements employees are allowed. You'd need to pay her according to Fair Work and withhold tax for her according to her TFN declaration she'd do. You would need to pay her super.
When she trades, the income would be of the company and expenses would be of the company too, (provided she's doing it all in the name of the company with company funds). It's reported on the company tax return, taxed at company rates.
The salary you pay her would be reported as expenses for employee salary and wages on the company tax return. This reduces the company income by the salary amount your wife gets. Your wife reports it on her return and pays her marginal income tax rate on that income.
You can read avout engaging a worker on our website.
Hi @ramsahu08
It's definitely an option to start trading with options and stocks in your company. And you can employ your wife, subject to employment laws with Fair Work.
It would work the same as any other business where employees process the sales of the business.
If she's an employee, she'd need to be paid like an employee and all the entitlements employees are allowed. You'd need to pay her according to Fair Work and withhold tax for her according to her TFN declaration she'd do. You would need to pay her super.
When she trades, the income would be of the company and expenses would be of the company too, (provided she's doing it all in the name of the company with company funds). It's reported on the company tax return, taxed at company rates.
The salary you pay her would be reported as expenses for employee salary and wages on the company tax return. This reduces the company income by the salary amount your wife gets. Your wife reports it on her return and pays her marginal income tax rate on that income.
You can read avout engaging a worker on our website.
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