The Holistic Accountant
A holistic accountant goes beyond tax returns, aiming to offer proactive advice to maximise clients' wealth after all taxes. Stuart Wemyss and Mena Abraham explore multifaceted considerations weekly, highlighting the need for a holistic approach. Each episode is succinct and to the point with no fluff or sales pitches. For further details, check out www.prosolution.com.au.
The Holistic Accountant
Getting money out of a bucket company
In this episode, Stuart and Mena discuss what to do with your trapped funds in your corporate beneficiary:
- Look at your structure of the corporate beneficiary – are your shares individually owned? Is your corporate beneficiary also your Trustee?
- Why is retaining funds in the corporate beneficiary an issue? No strategy can lead to not only compliance issues in Division 7A problems, but also an opportunity cost – i.e. can you use those funds to invest.
- Company can invest directly in shares and property. Talk about franking differences and CGT discounts
- Lending money to a related corporate entity to invest is not subject to Div 7A
- Dividends – when should you ideally pay dividends
- Employing family members and or super contributions
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IMPORTANT: This podcast provides general information about finance, taxes, and credit. This means that the content does not consider your specific objectives, financial situation, or needs. It is crucial for you to assess whether the information is suitable for your circumstances before taking any actions based on it. If you find yourself uncertain about the relevance or your specific needs, it is advisable to seek advice from a licensed and trustworthy professional.
