Introducing Funds

  • 1
  • Question
  • Updated 3 years ago
How do I go about introducing funds from my personal account into my business account?

As my primary income is currently supporting my business, I need to introduce funds on a regular basis to enable me to keep operating but cannot list these funds as sales.

Any advice appreciated.


Thanks
Photo of Darryl Tonks

Darryl Tonks

  • 70 Points

Posted 3 years ago

  • 1
Photo of Kevin Russell

Kevin Russell, Accredited Partner

  • 52,272 Points 50k badge 2x thumb
Make a deposit. Allocate it to Owners' capital.
Photo of Stuart Wright

Stuart Wright

  • 566 Points 500 badge 2x thumb
I've added a bank account for private money owed and transfer back and forth from the trading account to define what is personal money and business money. Hope that helps.
Photo of Kevin Russell

Kevin Russell, Accredited Partner

  • 52,272 Points 50k badge 2x thumb
Stu thats not really helping. If you want it to be a loan then it should be setup as a loan in the books. Under Div 7A of the tax act there should also be intetest payable and the loan should be documented. Thanks again.
(Edited)
Wow complex Area must seek advice from your tax professional. Just had 2dsy tax seminars for Tax Agents
Photo of Kevin Russell

Kevin Russell, Accredited Partner

  • 52,272 Points 50k badge 2x thumb
Wow indeex Chandra. Thats we get paid the big dollars
Wow complex Area must seek advice from your tax professional. Just had 2dsy tax seminars for Tax Agents