Loan Repayment from Wifes Company
I loaned around $60K to a Company now owned by my Wife. The Company has a contract to supply software and services (not classified as PSI income) for the next 12 months. I want to use some of the income to repay the loan to me. Is this income in Centrelink's eyes as I do not want it to effect my Pension.
I intend to declare $426.00 as a salary($316/2 + $300).
2 comments
2 comments
Normally the Loan would be a Liability on your wife's Company balance sheet, but seen as a Financial asset of the Pensioner who the loan is owed to. As the Loan is paid back it reduces the liability of the company and reduces the loan recorded on your Centrelink file, should be no change to you as it is not your income, but a repayment of a loan.