bec-smith
Forum Replies Created
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Finna
Do you just need record keeping? Accountants aren’t required for Private Associations.
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…further to my previous comment…the mgt/admin fees become a deduction for your company so can reduce any taxable income for the company.
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Brian
There are numerous strategies you could deploy in regards to continuing operations in the registered company – but as the Director you may choose not to receive a fee or wages – your private trust or foundation can invoice to company for Admin and Management Services – which your company then physically pays – either by withdrawing cash or transferring to the foundation/trusts own bank account – the trust can then provide the sustenance to the founders/volunteers – the invoice received by the company doesn’t have an abn but in order for the company to remain ato compliant your private trust/foundation will provide an ABN Supplier statement (ie it doesn’t need one) so it is not registered for GST and it doesn’t need an ABN.