Ready to fire your wife or your husband?
With the new proposal about 'income shifting' from the Treasury, it probably won't pay for you to work with your spouse any longer.
This doesn't sound to us like a good way to promote small business and to build up the contracting industry. It probably also sounds rather ugly to you, especially if you, like so many contractors, bring your family into your business as much as you can.
The Treasury's concept of 'income shifting' actually exists in most other countries, entirely within the law, and without exciting the smallest interest on the part of tax authorities. This is because for centuries small businesses have been built by families working together.
How do you feel about firing your wife or husband?
Published: Monday, October 22, 2007