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My Company needs to repay me $$$$.

Discussion in 'Accounting, Tax & Legal' started by Giddo, 18th Jun, 2008.

  1. Giddo

    Giddo Active Member

    Joined:
    9th Jun, 2006
    Posts:
    42
    Location:
    SE Qld
    :)Hi Guys,

    My last Bal sheet showed that my company owes me personally about $40,000.

    These are various loan amounts made from me to the co over the years while setting up our business.

    Can I just transfer $40k out of the co acc into my own account, call it repayment of loans, and pay nil tax on it.
    Any other repercussions you can think of.??:confused:
     
  2. MattR

    MattR Well-Known Member

    Joined:
    23rd May, 2007
    Posts:
    229
    Location:
    Sydney
    In essence yes, however is there any documentation to start with ie. when you lent money to your coy?

    At a bare minimum I would minute it via a Directors minute.
     
  3. Giddo

    Giddo Active Member

    Joined:
    9th Jun, 2006
    Posts:
    42
    Location:
    SE Qld
    Thanks Matt,

    The only documentation is that on each transaction (via electronic transaction) in the space "details" it was noted "Loan Giddo to Co".

    No minutes however.
    :)