Own a small business? The money/assets taken from your business may need to be reported on your tax return…

Do you find yourself in the following criteria..?

• The director or shareholder of a company operating your small business
• The trustee or beneficiary of a trust operating your small business.
• The director of a corporate trustee for a trust that operates your small business
• is or has been an associate of the shareholder (individual or entity). An associate can include a relative, partner, spouse, or another entity controlled by a shareholder.

Your company/trust’s money and assets may be used in the following ways.

By paying salaries and wages, fringe benefits, director fees, dividends, trust distributions, loans, and more. Each have reporting and record-keeping requirements.

It’s often needed to report and maintain records of your transactions where you take money or assets from your business, or use the assets for private purposes.

All the above information was quoted and/or collected from ato.gov.au