The end of the 2016/17 financial year is almost here, so now’s the time to look at Private Company Loans to minimise your tax.
As the owner of a private company, it’s normal – and completely legal – to borrow money from your business. However, thanks to Division 7A of the Tax Act, failing to properly record that loan could land you in some serious strife come tax time.
Business owners who have borrowed funds from their company must ensure that the appropriate principal and interest repayments are made by 30 June 2017.
