Alistair Macpherson (Senior Associate) and part of our Not for Profit Law (Non Profit) team and Employment Law team presented a paper to Christian Schools Australia (Queensland) Industrial Relations Conference on 20 February 2009 titled:
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{ 2 comments… read them below or add one }
This tax question is one for your accountant.
The issues that come to my mind are:
- Is your daughter to be a shareholder?
- If she is, as a minority shareholder she would want to see that there was a Shareholder’s Agreement with a clear Dividend policy, expenditure limitations (so that profit does not disappear) and obligations to regularly report to her.
- If she is not to be a shareholder – the Employment Contract will have to be very detailed about how profit is calculated, how often and when the profit share payments are to be made.
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thank you so much, I’ll get her to talk with her accountant
Jo