Question 1

Can I pay myself from my company however I like?

Accepted Answer

No. You can pay yourself through wages (subject to PAYG and super), dividends, or a properly documented loan. Each has tax and compliance implications, especially under Division 7A rules. Getting advice ensures you stay compliant and tax-effective.

Question 2

What happens if I miss a BAS or tax return deadline?

Accepted Answer

Late lodgements can attract ATO penalties, interest charges, and potential audits. Consistently late lodgements can also affect your ability to access finance or payment plans. Staying on top of compliance protects your cash flow and reputation.

Question 3

Do I need to keep all receipts and invoices?

Accepted Answer

Yes. The ATO requires businesses to keep records for at least 5 years. This includes invoices, receipts, bank statements, and payroll records. Good record-keeping helps with accurate tax reporting and reduces stress if you're ever audited.

Question 4

Is my company protected from personal liability?

Accepted Answer

A company structure offers limited liability, but directors can still be personally liable for unpaid GST, PAYG, super, and certain debts if they breach director duties. It's important to stay compliant and manage obligations carefully.

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