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MarcusCrixus1(Newbie)Newbie
18 Sept 2024

Hi, I have been running a Pty Ltd company .When the account was set up, it was mistakenly set up as a personal account under my name, but all the transactions were for the company. My online banking had the company name on it, so I only just saw the account was a personal one when I looked at the actual statement.

All the invoices where to the company, but all the transactions have been made through this account. How can I 'transfer down' or allocate all the activity in this account to my company? Can I do a Stat Dec. to show that these were infact all business expenses etc?

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Liked by MarcusCrixus1
3,666 views
5 replies

Most helpful response

Most helpful reply

Deb_ATO(Community Support)Community Support
23 Sept 2024

Hi @MarcusCrixus1


You're welcome.


If you can prove the transactions were in relation to the business and not personal. It should be fine.


But it'll be up to the team assessing the info.

All replies

Yuyutsu(Master)Master
18 Sept 2024

Just open a new account in the company's name and transfer the funds there.

Then in your accounting consider all transactions in the old account as the company's, except any bank fees and/or interest income, which would go on your personal name.


Make sure that all future invoices go into the new account, then close the old one.


No need for any declaration unless you are audited and asked to.

Yuyutsu(Master)Master
18 Sept 2024

Just open a new account in the company's name and transfer the funds there.

Then in your accounting consider all transactions in the old account as the company's, except any bank fees and/or interest income, which would go on your personal name.


Make sure that all future invoices go into the new account, then close the old one.


No need for any declaration unless you are audited and asked to.

ZiadATO(Community Support)Community Support
19 Sept 2024

Hi @MarcusCrixus1


Everything @Yuyutsu said is spot on! Just follow those directions.


Now you can run your business knowing you have fulfilled your obligations 😊

MarcusCrixus1(Newbie)Newbie
20 Sept 2024

Hi, thanks for the reply. The issue is actually retrospective. We have spent the money over the past 3 years and are having the transactions assessed as part of a rebate. They're checking that is was actually the COMPANY that incurred the costs. So, just to be clear, the invoices etc. were all addressed tot he company, but the account that the company used was accidentally a personal one (Just the wrong account type in the name of the director).

I'm fine moving forward - it just making sure that we're okay showing all the transactions were for the company, and not for personal use. The rebate is substantial, so really important we get it right! :)

Thanks for your help.


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