Company Tax
10. Meeting Your Tax Lawyer
Last updated: 10 Jul 2015
- Being prepared for your meeting with your tax lawyer will save you both time and money. At a minimum you should be able to provide your tax advisor with answers to the following questions:
- Is the company a private company? This is because deemed dividend provisions do not apply to partnerships and trusts.
- Does the company have a distributable surplus? If the answer is no you need not worry about the deemed dividend tax consequences.
- Did the company make a payment to a shareholder or an associate of a shareholder (other than a loan)?
- Did the company forgive a loan provided to a shareholder or an associate of a shareholder?
- Was any debt owed by a shareholder or an associate of a shareholder assigned to another party?
- Does the company provide loans in its ordinary course of business?
- Was the payment to a shareholder or an associate made by the liquidator of the company?
- Was any payment to a shareholder or an associate of a shareholder assessable in any other way (such as FBT)?
- Did the company guarantee any loans?
- Did a trustee of a trust in which the company was a beneficiary make any payments to any of the shareholders of the company or their associates?
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