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James Millar
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Alan Maddick, post: 247071, member: 10325 wrote:
If you were my client I would tell you to make the transfer, clearly mark it as directors drawings or payment to directors in your books and to make an appointment to come and see me before June 30 – in my opinion this is what you should do. (ie come and see me if you want but more to the point go and see your Accountant) That way you can leave him or her to do your tax planning in the best way possible for you. :)

100% agree with Alan. There are way too many variables to consider this far our from 30 June. And dumping an entire years salary into the June quarter / month will result is a substantial PAYG withholding liability for the June IAS / BAS. The tax administration legislation prescribes the appropriate withholding levels and associated penalties with under withholding (which is up to 49% failure to withhold penalty). That strategy is not without risk.

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