Division 7A - The Importance of Compliance

Shooting for the Stars by Southern Cross Business Advisers

Episode notes

A company tax structure is a very popular one, and can be the most appropriate for your own circumstances. However, unlike an individual, partnership, or trust tax structure, withdrawing funds from a company for personal use is not as straight forward, as tax legislation requires such withdrawals to be paid back to the company (subject to few exceptions).

Louie returns from a COVID-19/flu-forced absence last fortnight to provide some further clarity and understanding around the Division 7A requirements for companies, shareholders and their associates, with the assistance of detailed explanations from Assistant Commissioner/Chief Tax Counsel of the ATO's Tax Counsel Network Fiona Dillion (as part of the ATO's Division 7A series co-ordinated by Shailla Van Raad).

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