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Tax implications for members of a close corporation

Posted 31 May 2017

Kent says:
30 May 2017 at 9:04

Are there any tax implications for an individual that's a member of more than two or three close corporations or is there an implication for the close corporation?

TaxTim TaxTim says:
31 May 2017 at 12:02

The individual will be required to submit a statement of Asset and Liabilities when they submit their own personal tax return.
In addition, none of the CCs will qualify to be a Small Business Corporation

However, other than the above there are no tax implications as such.

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