All Topics / Legal & Accounting / Does it really matter so such to pay for an IP expense from a personal account instead of a co. account??

Viewing 4 posts - 1 through 4 (of 4 total)
  • Profile photo of Misty1Misty1
    Member
    @misty1
    Join Date: 2004
    Post Count: 348

    Hi all. Please tell me:

    Does it really matter all that much (for accounting or ATO purposes), that an expense relating to an investment property is paid from my personal account instead of company account?

    Have just started down the path of learning about company structuring, and am concerned bills paid from my personal account SHOULD have (??) been paid from a company account?

    Thanks in advance.

    Profile photo of Scott No MatesScott No Mates
    Participant
    @scott-no-mates
    Join Date: 2005
    Post Count: 3,856

    Just ensure that the company reimburses you for the payments ie have proof of payment and invoice to company.

    Profile photo of Richard TaylorRichard Taylor
    Participant
    @qlds007
    Join Date: 2003
    Post Count: 12,024

    Wow stop right that there.

    If the property was purchased in your personal name then there is no point in your Company re-imbursing you as the deduction cannot be claimed by the Company.

    If the property was purchased by your Company then you can easly contra the amount in to your figures at the end of the year.

    Richard Taylor | Australia's leading private lender

    Profile photo of Misty1Misty1
    Member
    @misty1
    Join Date: 2004
    Post Count: 348

    thanks. problems sorted.

Viewing 4 posts - 1 through 4 (of 4 total)

You must be logged in to reply to this topic. If you don't have an account, you can register here.