Bloom Money
Hi, we’re Jaimie and Liv.
CFO, Profit coach and financial therapists.
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Understanding Division 7A: Separating Personal and Business Funds
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Understanding Division 7A: Separating Personal and Business Funds
A common issue for business owners is mixing personal and company money, which can have serious tax implications under Division 7A.
Any money or benefits provided by a company to a shareholder or their associate must be properly recorded – either as a Loan or Income – and managed correctly. The ATO has become increasingly strict, making compliance essential.
Watch our video to see how to avoid this common mistake and keep your business finances compliant: https://youtu.be/j1YmDZis0Ks
How does your business ensure personal and company finances remain separate?
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This discussion was modified 6 months ago by
Jaimie Scott.
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This discussion was modified 6 months ago by
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