Can I use casually (arbitrarily) the retained profit (after-tax accumulated money in bank) retained over the years in running my 100%owned business without any approval/notice from the government(ATO)?
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Need far more information for an appropriate response...
For example what type of business structure exits (is it company or trust or individual) and what do you mean by retained profits?
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Need far more information for an appropriate response...
For example what type of business structure exits (is it company or trust or individual) and what do you mean by retained profits?
Thank you for your reply and questions.
I am a sole trader running a private company "...pty ltd", 100% owned by myself with no partners. Over the years, I submitted tax return ATO with regards the annual profits I made (taxable income). I paid the required tax with the remaining money (annual profit) banked. The term "retained profit" in my first question is actually the banked money after tax.
Similarly for the past years the business made some profits and the money was banked. Now I need that money to fund purchasing a property but under my own name, not the business name. That is what I want to clarify; can I simply use it without notifying ato?
Cheers
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