Hello, my children 10 and 8 with tax file numbers, have a some of money earning interest in a bank. A portion of this money (less than 10k) they wish to use to buy cattle to raise on a property (not registered for primary production) to earn profits for their account. What responsibilities do they have to operate this between them? are each a sole trader? do they need an ABN or primary production license even though the property is not theirs? what records are required and how should they be kept?
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2 replies
1,164 views
2 replies