Accountant recommendation in Wellington for setting up a Trading Co

[CJ]

Hi Shasta - Probably a silly question, but if you set up a company and trade through that vehicle, how do you transfer funds out of the company and back to yourself from a tax perspective. For example, if you have a good few months trading through the company and make 50k profit, how would the tax on the profit (income) be paid typically? If the company is liable for the income tax then fine, but how would any funds being transferred out of the company and into the individual's name be treated/classed? Presumably the individual would not have to declare the funds once again to the taxman and pay another lot of income tax?

IF there is a shareholders loan to the company, the loan can be repaid.

Alternatively, a dividend can be paid. It will be taxable but you should be able to attach imputation credits which are accumulated in the company via the tax it pays.

[DecentTown]

IF there is a shareholders loan to the company, the loan can be repaid.

Alternatively, a dividend can be paid. It will be taxable but you should be able to attach imputation credits which are accumulated in the company via the tax it pays.

Thanks CJ. That makes sense.