Tax pitfals of accessing profits in companies

Tax pitfals of accessing profits in companies

The pitfalls of accessing your company profits

Where you are running a business, particularly a Personal Services business including consultants, tradies, professionals etc., now is a critical time – to start reviewing the performance of your operation over the last 11 months with your accountant tax specialist or financial adviser. If you have not already done so. there are only a few weeks left to plan the cash flow for the last BAS, including GST, PAYG withholding from employees, bonuses, income tax liability and Superannuation contributions. Other considerations include dividends to be paid, trust distributions (which must be determined before 30 June), final salaries. Below are a few ideas to help you in your thinking.

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