November 30, 2020 at 12:40 am #1224520
- Total posts: 1,675
jayen, post: 271515, member: 54988 wrote:
james’s reply led me to https://www.ato.gov.au/business/private-company-benefits—division-7a-dividends/in-detail/division-7a—loans/ which looks highly relevant
Yes Div7A is the section of the income tax legislation I was referring to that governs debit loans advanced by companies to related parties. It essentially prevents people endlessly drawing money out of their company without triggering personal tax.