The Australian Taxation Office (ATO) has raided 35 entities across Australia as part of a worldwide effort to crack down on businesses using illegal technology that obscures sales in order to reduce their tax bill.
It may seem like an easy decision to borrow from your private company but there are certain requirements that you need to be aware of to make sure that you don’t end up paying more tax.
There are rules around taking money out of your business or using its money or assets for yourself and your family. The private use of company money or assets is a focus area for the ATO…
Trading stock is anything your business acquires, produces or manufactures, for the purpose of manufacturing, selling or exchanging. Livestock is also trading stock.