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Hannes says: 2 December 2015 at 9:57 I have a EME business and from time to time I use my private bank account to purchase items for orders I receive. When I then get paid by the customer I just transfer the money I loaned to the Business beck to my private account. Is that acceptable to SARS and what records must I keep? |
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TaxTim says: 2 December 2015 at 18:22 It is acceptable by SARS to have a Shareholder loan between the business owner and the business. You should have a Shareholder loan account in the books of your business which you use to book the transactions so that you have an audit trail of the transactions between yourself and the business. You can also charge a market related interest on this loan to take advantage of the tax deduction in your business (assuming it's a payable balance) and the annual interest exemption in your individual capacity. |
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