My son is looking to start a small business as a side hustle while he’s at school
We are trying to work out the complexities of Whether he can do this while a minor and secondly if the business has to be set up (ABN ) under the name of one of his parents (as he is a minor) then what the tax implications are
Has anyone done this / anyone have any advice ?
I’ve heard it can be tricky getting a child set up with this kind of stuff. The authorities are likely wary of parents putting businesses in their kids’ names. The quick-start option is likely to put it in your name. To offset any tax burden, you might pay your son as an employee (or contractor if he can get an abn).
That doesn’t mean there isn’t a more perfect solution, but it may be a way to get moving and see if the business has any legs 🙂
Best of luck and if you find out any answers please let us know, because I’d love to know myself if there’s a best practice.