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Delays in Processing 2010 Income Tax Returns
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Use a Registered Tax Agent to Improve Cash Flow
Tax Debts Deferral

George and John

Tax and the Non-resident Investors
Deemed Dividends
Making Investment Decisions – Have you done your Research?
Deemed Dividends
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Small business owners need to remember that a company owned by them, is not for their unrestricted personal use.

In a recent case, the Administrative Appeals Tribunal held that a taxpayer, who was a director and shareholder in a private company, was liable to the deemed dividends provision for monies deposited in her bank account. The payments were debts due to the company. The company had directed its debtors to pay the money owed into the taxpayer’s account.

Broadly, the deemed dividend provisions treat certain payments, loans and debt forgiveness by a private company to its shareholders (or their associates) to be assessable income in the form of unfranked dividends.

A private company should ensure that all payments are deposited to its own bank account.

 



18th-July-2010