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Thank you for your... 04/02/2017, 22368692

  1. mattjread

    97 Posts.

    Thank you for your response, really good to have some feedback!

    To get this straight, if my cousin deposits say $10,000, will this be taxable, (sorry to sound stupid however as this has already been taxed through his actual job, with this company being a side business to start)?

    Or is it only the profits made from the money we deposit in the business bank account that we pay tax on?

    In an ideal world we will start with say 20k in the account, with monthly contributions of say 2k, pretty much wanting to know whether this money we are adding to the account each month is taxed again, or only the profits we make through its use.

    Either way cheers for the response!

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