Search results

The loan is paid back within 12 months, prior to each financial year. The accountant said this was fine - although last year I mucked up one of my repayments so that was accounted for as a dividend.

Well Rolf, I would agree with you that it wouldnt make sense to do that, but, well, since when has that logic determined what the Government decides. But yes, the accountant said pretty much the same thing, but just in case....we will ease the pain a little. Amazing how paying yourself in...

Our accountant says that leaving the profits of the business in the business without drawing back the tax paid as dividends, is like giving the Tax Office a free loan! :eek: We do what TerryW advises and distribute to family members; although we still have over $80k of franking credits left...