Know your private company loan arrangements before you lodge
We advise taxpayers that, if you or an associate take a loan from their private company, you should not forget the requirements of repaying a private company loan for income tax purposes. Otherwise, you could find the loan treated as a Division 7A deemed dividend and included in your, or your associates', assessable income.
Taxpayers should consider the following in particular before lodging their private company tax return:
We encourages taxpayers to check your loan repayments and, if you are concerned a payment will not be taken into account, speak to us.
Please contact our office if you require assistance in relation to your loan arrangements.
Black Phoenix Tattoo Studio