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cm00(Initiate)Initiate
12 Feb 2024

I registered my company in April 2023. It is backed by a trust (registered in QLD). I have bootstrapped it with $500.00 of my personal money (I am the director of the company, and the sole beneficiary of the trust). I do not intend to "loan" this amount so don't expect it to be repaid.


I have NIL business activity for the last quarters, and I am currently filling my tax return (via paper form).


How/Where do I report the 500$ I deposited into the company bank a/c?


Thanks!

220 views
3 replies
220 views
3 replies

Most helpful response

Most helpful reply

EdenATO(Community Support)Community Support
21 Feb 2024

Hi @atous,


Nope, DebATO is right. As long as you meet the requirements listed, you can lodge a return not necessary.

All replies

Deb_ATO(Community Support)Community Support
16 Feb 2024

Hi @atous


I can see what you mean, you’ve advised there was zero income. So, you’re not treating those funds as income, more of an operating or startup cost.


Now in this case, for a company, if you’re not carrying forward losses that exceed $1000 or more or haven’t derived $1 or more of assessable income from any source, you wouldn’t be required to lodge a tax return.


You don’t have to do all that hard work and you can just lodge a non-lodgement advice form or put it in writing. 


Check out our further info on the Non lodgement advice form.

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