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Question no.2: Sami has the following income during the tax year 2022/23: Business Income from a sole-trader business 100,000 Interest Income from Government Bond 30,000.
Question no.2: Sami has the following income during the tax year 2022/23: Business Income from a sole-trader business 100,000 Interest Income from Government Bond 30,000. He has not invested in any tax-saving schemes. His wife is not having any income. Sami can take her as a partner in his business, to divide the business income in any proportion to reduce the tax. As of now, Sami has not appointed any tax advisor for his tax issues. If Sami appoints you as his tax advisor, what advice can you give to Sami to reduce the tax through the tax planning process? Your advice should cover from two angles, the tax planning in the hands of Sami himself and taking Sami's wife as a partner for his business. Substantiate your answer with the help of Tax calculations, tax savings, and clear explanation
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