Adam L.
Rodd Point, NSW
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I am about to sell a development can I give the proceeds of the sale to my wife?
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Hi Adam
You can give the proceeds of the sale to whoever you choose to but the more important question is who will get taxed on the profits of the sale of the development.
The entity/individual who will get taxed will depend on what the structure was of the development activity. Depending on if it was carried under your name, your joint names, partnership, company, a trust or a combination of these; the tax consequences will be different for each of those.
hi Adam.
It will depend on the text position of your wife and yourself. This is really a question for your accountant. it will depend upon age, pension and income for both parties. That's why it's best talk to your tax accountant.