Shoukd Div 7a loam accounts on a balance be separated by each individual?
Example Husband and Wife withdraw $20,000 from a trading company which turns into a Div7a loan. One is a sole director and one is the sole shareholder.
Assume funds were transferred to a joint bank account
When selling a business what are you actually selling the would be eligible for the small business CGT Concessions?
Example
Vehicles - covered by Division 40 so CGT doesn't apply
Plant and Equipment - also covered by Division 40 so CGT doesn't apply.
Trading stock - covered by trading stock rules so Division 40 doesn't apply
So what's left and how is it valued?
Looking to clarify the rules for this particular scenario.
A business has a super payable balance on the balance sheet at 30/06/2026 of $4,500.
This consists of December 2025 QTR super accrual of $1,500 and $3,000 for March 2026 super accrual.
Q1- Can the business make a late payment after 1/07/2026 in relation to the December 25 and March 26 qtrs then lodge a SGC Statement and claim the late payment offset?
Q2 - once the SGC Statement is lodged in the 2027 FY is it deductible?
Is it the Accountants/ Bookkeepers role to advise clients of their employees legal pay rates or should they engage a employment law solicitor?
Can anyone explain how to deal with div 7a with real world cases, alot of texts in undergraduate accounting only give basic examples with clean neat figures or glaze over div 7a entirely.
For example in the 2025 fy you have 2 directors loan opening balances from the 2023 and 2024 year of $200,000 each. During the 2025 FY the director makes dozens of small personal transactions ( Maccas, Tatts Netflix etc) random repayments throught the year ($2,500, $10,000, $1,000, $14,000).
Q1 from a bookkeeping side should the repayments be recoded to the 2023 FY Div 7a and how does this effect the minimum repayment and interest.
Q2 when does the 2024 Fy turn into a div 7a
Q3 when does the 2025 fy turn into a div 7a
When accounting for small food processing turning raw materials and packaging into a final product individual units. How do I work out my closing stock
Accountants / Bookkeepers what are some standard expense accounts you would use when setting up a chart of accounts in Xero for a beef cattle farm?
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Where does everyone get the same expense codes in Xero? For example 370 is fuel and oil
What type of accounting software do large companies use day to day. For example woolworths would have thousands of transactions some gst free some not and who prepares the BAS
If I have assessable income for example of $25,000 and donations of $10,000 can I only use $5,000 for a deduction this year and roll-over the balance over 5 years under division 30