There are many advantages of having companies involved in various capacities within your business structure, whether as a corporate trustee, a corporate beneficiary or as a straight-up corporate trading entity. Companies pay a flat tax rate of 30% on profits, and can distribute these profits to shareholders via the dividend imputation system with franked dividends. Companies can also access various tax concessions such as those for research and development. However there are also several pitfalls which companies must be careful of, such as regulations restricting loans to shareholders and capital gains tax dangers. Getting the right advice regarding your company from day 1 is vital.
At KJB Accountants & Business Advisors we can assist to make sure the administrative and taxation obligations of your company are met, and that you are doing things right to ensure you are obtaining the maximum benefit from your company. Our services include:
- Completion of annual financial statements
- Preparation and lodgement of taxation returns
- Tax planning regarding company profits and franked dividend payments
- Preparation and lodgement of dividend imputation franking accounts
- Preparation of shareholder dividend payment documentation
- Preparation of R & D tax incentive schedules
- Preparation of Division 7A shareholder loan agreements
- Attending to the corporate secretarial administrative obligations
Please contact us for further information on how we can help you utilise these popular structures.
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