Using business money and assets for personal use or benefit

News Tax & Compliance Guidance

Date: 20th Feb, 2025 Source: Australian Taxation Office (ATO) Country: Australia Original Source

Brief

On 20/02/2025, the Australian Taxation Office (ATO) issued an update regarding "Using business money and assets for personal use or benefit". The ATO highlights common errors made by small businesses in using company funds and assets for private purposes, including misusing loan agreements and failing to meet Division 7A requirements. These mistakes can result in significant tax implications and penalties, emphasizing the importance of understanding the laws surrounding private companies' finances.

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Australian Taxation Office (ATO)

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Using business money and assets for personal use or benefit

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Using business money and assets for personal use or benefit

Brief

Australian Taxation Office (ATO)

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