16 November 2022
If you use money or assets from your company or trust for private purposes, it’s important to consider there may be tax consequences.This applies for business money and assets such as:
To ensure you get it right, take these 2 simple steps:
By following these steps and keeping your business and private transactions separate and visible, you'll avoid unintended tax consequences.
Remember, there are different reporting and record-keeping requirements for each type of transaction, so make sure you know how to keep accurate records for your circumstances when using your business money and assets for private purposes.
If in doubt, speak to your tax professional.
Related news items
Get the tax facts to avoid claiming incorrectly.
Don’t forget to declare all your income.
Here’s an overview of different types of expenses.