You can visit ato.gov.au for more information about using your business money and assets for private purposes.

Common associates are relatives, partner, spouse, or another entity controlled by the shareholder such as an associated company or trust. You can find a more complete list of the different types of associates on ato.gov.au.

It’s useful to know how to calculate and report directors fees through Single Touch Payroll, especially if the company is not paying out wages or directors fees’ on a regular basis.

For more information about Single Touch Payroll and closely held payees the ATO have a recorded webinar specifically on that topic.

Division 7A is part of the Income Tax Assessment Act 1936 and is intended to prevent profits or assets being provided to shareholders or their associates tax free. You can find out more about these rules and how they may affect your business on ato.gov.au.

The Division 7A calculator and decision tool has two main components to help you determine the effect of Division 7A in relation to payments, loans or debt forgiveness and how to meet your obligations on complying loans.

A fringe benefit is a 'payment' to an employee, but in a different form to salary or wages. It’s important to understand if your company or trust is providing fringe benefits and if so how to record and report FBT.

It’s important to understand if your company or trust is providing private use of assets so you can avoid any complications by correctly recording and reporting those transactions. 

Trusts can be complex business structures. For more information about trusts visit ato.gov.au.

It’s important to understand how Division 7A rules apply to trusts so you can avoid common errors.