Company News
The two most common farm-owning entities are either a company or a trust. Often, a farming operation is carried out with a mix of trust ownership (typically owning the land) and a company (owning the rest). Both structures have their pros and cons; in this article we compare these two ownership models.
Money withdrawn from the company by you as the owner or shareholder that’s to be used for anything other than for the business is called ‘drawings’. These drawings can generally be categorised as salary or dividend payments or advances under your shareholder current account.
A power of attorney allows you to appoint someone (the attorney) to look after your affairs. It’s a common mistake for company directors to think their personal attorneys can look after a company’s affairs in their absence.
The TGRM effectively creates a GST-zero position as between GST registered parties in certain land transactions.