Action plan
What actions do you need to take for your small business?
Select any you’ve already completed and export the document for your follow-up.
Action plan
- Seek professional help when considering and setting up my business structure
- Discuss the ways I intend to use assets or take money from my business for personal use
- Where I’m taking money out of my business or using its assets for personal purposes, check that I’m properly accounting for it as one of the following:
- Salary, wages, directors’ fees
- Fringe benefit
- Dividend Distribution
- Complying loan - Check that any business money or use of business assets by associates are recorded and reported correctly
- Keep proper records to explain all transactions through my trusts and/or companies, including all income, payments and loans
- If I have made a mistake or left something out of my previous tax returns, I can lodge an amendment
What you will learn
- How to record and report money you take from your business for personal use
- How to record and report the private use of your business assets
- How transactions may be treated if you don’t record and report the private use of business money and assets