Hi everyone,
I'm the only share holder of my own Co. and my co. was in loss in 2021 and 2022 financial year.
Last week my Co. signed a contract to provide service to a client and I believe it can be
profitable instead of loss.
My Question is:
Can I get no wages or minimum wages from my co. so my co. can use after tax profit to pay off its loan which has borrowed in last 2 years to cover its expenses?
Thanks
Hi @Sagg
As the Director of the Company, you can also be an employee performing a role other than that of a director.
There are legal obligations and responsibilities to any employee even if that’s yourself, Fair Work is a great place to find out what those requirements are including minimum wage requirements.
Companies do not have to be employers to operate, no employee’s no wages, no obligations.
Directors can receive a Director’s Fee for services performed, this payment still has legal obligations such as PAYG Withholding and Superannuation. There is a thread for Director Fees that covers this more you may like to check out.
Hi @Sagg
As the Director of the Company, you can also be an employee performing a role other than that of a director.
There are legal obligations and responsibilities to any employee even if that’s yourself, Fair Work is a great place to find out what those requirements are including minimum wage requirements.
Companies do not have to be employers to operate, no employee’s no wages, no obligations.
Directors can receive a Director’s Fee for services performed, this payment still has legal obligations such as PAYG Withholding and Superannuation. There is a thread for Director Fees that covers this more you may like to check out.
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