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Removing funds from companies presentation
Published on 10 Aug 07 by WESTERN AUSTRALIAN DIVISION, THE TAX INSTITUTE
Removing funds from a controlled company - and not suffering a hefty tax penalty in the process is no easy matter. At least three different tax dangers have to be negotiated – avoiding additional tax on the Company, avoiding further tax on the shareholder and avoiding a penalty debit to the company's franking account. This presentation looks at a few of the possibilities for a satisfactory outcome, and some of the dissonant dangers that lurk in this territory:
- accessing retained earnings
- avoiding the wash-out of concessions
- dividends and dividend access shares
- stripping and streaming rules
- capital reductions - is this feasible for SMEs?
- loans out
- liquidation of companies
- redundancy payments and other benefits
- FBT issues.
Author profile
Prof Graeme Cooper FTI
Prof. Graeme Cooper, FTI, is Professor of Taxation Law at the University of Sydney and a consultant to Greenwoods & Herbert Smith Freehills. He is a former Chair of the New South Wales State Council of The Tax Institute and former member of the National Council. He has worked as a consultant to the ATO, Treasury, Board of Taxation, United Nations, OECD, World Bank, the International Monetary Fund and several foreign governments. He was admitted to legal practice in New South Wales and Victoria, and practised commercial law and tax in Sydney before entering teaching. He has taught in law schools in Australia, Europe and the United States, and holds degrees from the University of Sydney, University of Illinois and Columbia University, New York. - Current at 31 October 2019
This was presented at Western Australian Annual Convention .
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Removing funds from a company - some of the hidden dangers
Author(s): Graeme S COOPERMaterials from this session:
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Property: From Whitfords Beach to Abbey Beach
Author(s): Syd JENKINSMaterials from this session:
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Resources update
Author(s): Nick HEGGARTMaterials from this session:
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Succession issues for privately owned businesses
Author(s): Robert WF SCEALESMaterials from this session:
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Taxation of financial arrangements
Author(s): Fiona CAHILLMaterials from this session:
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MIS tax planning - a new landscape
Author(s): Ian MORTLEYMaterials from this session:
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GST update
Author(s): Karen DILL-MACKYMaterials from this session:
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State taxes update
Author(s): Celia SEARLEMaterials from this session:
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Section 45B: dealing with Frankenstein's creature
Author(s): Paul SOKOLOWSKI, Ben HAYWARDMaterials from this session:
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Financial planning post 1 July 2007
Author(s): Jemma SANDERSONMaterials from this session:
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A new residency test for temporary residents
Author(s): Orlando J FERNANDESMaterials from this session:
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'The con' - broken bits in the income tax consolidation rules
Author(s): Duncan R C BAXTERMaterials from this session:
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