J jim Registered User Messages 972 9 Mar 2022 #1 If i make a DoC to a parent is the maximum earnings based on prev yr or current yr? My understanding is i can covenant 5% of earnings. Is it based on last yrs or this yrs (projected or earnings to date)?
If i make a DoC to a parent is the maximum earnings based on prev yr or current yr? My understanding is i can covenant 5% of earnings. Is it based on last yrs or this yrs (projected or earnings to date)?
D dublin67 Registered User Messages 425 9 Mar 2022 #2 You can do a DOC for whatever amount you want. You'll only get a tax deduction for 5% of your income in the year in which the payment is made.
You can do a DOC for whatever amount you want. You'll only get a tax deduction for 5% of your income in the year in which the payment is made.