# General Business Category > Accounting Forum >  CC member loan

## aktorsyl

We have a CC with 2 members.  The one member paid some of the CC's invoices in the previous financial year (to the total amount of about R18,000), and also lent the CC an amount of R30,000 in cash.  Thus the CC owes this member a total of about R48,000.
My question is, how do we record this in our new accounting software (Quickbooks) in the new financial year? Do we add this as an equity account, or can we add it as a long-term liability account and treat it as a normal loan?

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## aktorsyl

Just an update: We have decided to re-do the last financial year in Quickbooks as well (the company only started in January 2012, so it's just one month's worth of financial data to re-do). But this makes the question above even more important - how do we allocate these "loans"?

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## Dave A

Technically any subordinated loan would go to an equity account, and indefnite period loan to a long term liability account, and any loan amount payable within the next 12 months to a current liability account.

For the purposes of internal management accounting, it does not matter much whether you use a long term liability account or an equity account. It would just need to be reallocated correctly according to the above when the financial statements are drawn up.

My tip is to also have a member transaction account set up as a bank account - it's the easiest way to process expenditure incurred on behalf of the company, keep track of drawn funds that has gone to the member etc. Then from time to time you'd just put through a clearing entry between this transaction account and the member's loan account.

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## aktorsyl

Thanks Dave.  Can both categories be put up as a loan, though? (The cash that the company borrowed from him, as well as the invoices he paid on behalf of the company)? Just being careful, don't want SARS to think we're trying to evade tax by creatively inventing liabilities.

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## DavidvN

If the nature of the transaction was to loan the CC money, then the amount can be treated as a loan payable to the member. Normal rules regarding liabilities would apply.

Raising a member loan in the business is not something that will affect tax, but rather it is the expenses that affect tax - so instead of worrying about the treatment of the loan, if you are certain that the expenses paid by the member are for the business.

Regarding a loan with no fixed terms of repayment, these should actually be disclosed as current, as the loans can be recalled at any time (also within the next 12 months). It is quite common that loans with no fixed terms of repayment are disclosed as long-term, but if you want to be correct in terms of accounting standards, it should be current. If you want the loan to be long-term, then simply stipulate in a loan agreement that by nature the loan is long-term, or indicate that the loan will not be recalled within the following 12 months subsequent to year end.

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## DavidvN

Can't edit posts - This sentence:

...

should read:

...

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## aktorsyl

Thanks David.  Am I correct in assuming that, for this new financial year, the equity brought forward would be in the negative then (since it includes the liability of that loan)?
Also, how would we handle equity accounts in the future? For instance, if a member borrows money from the CC, it would go into his equity account, correct? And when he repays it, it goes from his equity account back to the cheque account?

THe only thing that bothers me is the fact that we now differentiate between liabilities (for instance the R48,000 loan from the one member) and equity accounts. We use both for essentially the same thing... is this normal? (Shout if you don't know what I mean, I realise this last sentence may not have been very clear)

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## aktorsyl

To clarify my last post a bit - what I mean by differentiating between equity accounts and liabilities:

1) We classify the member's loan of R48,000 of last year as a liability account (loan).
2) Another member now borrows R500 from the CC, but that goes into his equity account.
3) He then repays that R500, which is also recorded in his equity account.
4) And now the CC borrows R1000 from that second member as well.  So this goes into his equity account as well, I assume.

So the company owes member A the amount of R48,000, which is classified as a liability/loan.
And it owes member B the amount of R1,000, but THIS is classified as an equity account and not a liability.

See why I'm getting so confused?  :Smile:

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## DavidvN

I would recommend staying away from designating these accounts as equity.

Equity would denote an investment made in the CC i.e. "Here is my money I give to the business and I don't expect any of it back unless I sell my membership in the CC. The only form of income I expect from my investment will be from the CC declaring dividends." However, I'm sure the member expects the CC to repay him these funds at some point in future. 

Equity in a CC represents the member contributions to the CC, as well as any retained earnings made by the CC, and other reserves. This is very different from a loan, and as such it would be clearer on the balance to separate these two different types of balances (the one indicating ownership in the form of membership contribution, and the other being money the CC owes to someone in the form of a loan). If the member's intention was just to loan the money to the CC, then it is just a loan. You can almost pretend that money came from a bank if that helps clarify the nature of the loan versus the nature of equity. All the transactions you've mentioned above should just be treated as "Member loans" on the balance sheet and in the accounting records.

Regarding your points in the second post:

1) Correct.
2) Incorrect - this will be a debit loan account. Members can have both credit and debit loans. Again, as mentioned above, see the R500 as an amount that the CC has loaned out to a third party.
3) Per point two above, your treatment is correct, but it will be to a loan and not to equity. Again, be mindful of the difference between a "loan" and "equity".
4) Per point two above, your treatment is correct, but this will also go to his loan account.

The transactions and balance of the loan account would be:

Opening balances:

1) Member 1 Loan Account: R48,000 (CR) opening balance.
2) Member 2 Loan Account: NIL opening balance.

Per your above scenario, the transactions with Member 2 would be:

1) Member 2 Loan Account: Debit R500. Loan Balance R500(dr)
2) Member 2 Loan Account: Credit R500. Loan Balance RNIL
3) Member 2 Loan Account: Credit R1000. Loan Balance R1000(cr)

The other side of the transaction will be posted to bank.

Always remember two things regarding the above:

1) A loan and equity are two very different things.
2) You can only determine which of the two things the above is when you know the intention of the members i.e. are they investing the money in the CC (member contribution)? Or do they expect the money to be repaid (just a normal loan)?

From the above, it seems like they're just a simple loan. Let me know if you need any more help explaining the above, glad to help.

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## aktorsyl

David, that was tremendously helpful, thank you!
These member loan accounts, are they classified as fixed liabilities? (according to Quickbooks you can choose between a fixed liability and a long-term liability).

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## DavidvN

I'd say go with Long-term. I have no idea what Quickbooks is referring to when they term it "fixed".

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## aktorsyl

Ok, so long-term with zero interest? Also, I assume it is standard practice to have money that the member loans FROM the company also reflect in his loan account?

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## CLIVE-TRIANGLE

Hi aktorsyl. Quickbooks will only give you two options when creating the liability, 'Other current liability' and 'Long term liability'. You should select Long term, unless you reasonably foresee that the loan will be repaid in 12 months.

The CC's Accounting Officer will determine the correct classification when he prepares the Financial Statements. To explain more fully:
- The part of the loan that is not expected to be repaid within the 12 months after date of year end, is treated as long term. This may be the entire loan.
- The part of the loan that IS expected to be repaid within the next 12 months, is treated as current. This may be the entire loan.

The presence of a loan agreement simplifies this.
The absence of a loan agreement is not necessarily an issue, because the classification in the notes to the AFS may simply say that "no repayments within the next 12 months are expected."

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## DavidvN

Interest would depend on the loan agreement, or if there is none, then the agreement between the members as to whether the loan attracts interest. 

Credit loan balances (money loaned to the CC) don't have to have interest charged, unless it is part of the loan agreement.

Debit member loan balances (money loaned by the CC) can become particularly complicated when you consider SARS's view on debit member loan balances. Generally, you will want to charge interest on a member's debit loan balance, if there is still an amount payable to the CC at the end of a financial year. The reason for this is two-fold:

1) SARS may deem the interest that would have been charged on the loan (at the SARS recommended rate) to be a fringe benefit taxable in the member's hands.
2) SARS may deem the loan to actually be a dividend, and demand dividends tax (from 1 April 2012) be paid on the debit loan.

Simplest solution, in most cases, is just to ensure a loan to a member is conducted at arms length, in that interest is charged thereon at the SARS recommended interest rate (currently 6.5%).

Regarding your query about the debits and credits - yes, you'll treat all money in and money out between a member and a CC as part of one account (his member loan account). There's no need to show debits and credits in separate accounts in this case.

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## aktorsyl

Thanks guys, appreciate the help so far.
Few more questions:

1) The member who paid the invoices in the previous financial year, on behalf of the CC, needs to somehow be reimbursed.  However, since he didn't lend the money directly to the CC, it'd be tricky to classify that as a liability/loan.  We have the original invoices that he paid.  Will it work if I capture those invoices on Quickbooks, then "pay" them by transferring the money into his bank account?  In other words, we pay the invoices according to the system, and he gets his money back.  Does this make any sense?

2) We have a rent-to-own / lease agreement with a 3rd-party company for equipment, where we pay X amount per month until the full sum has been paid off, after which we take possession of the equipment.  There is no interest on this agreement.  Can we add this as a long-term liability, or is SARS going to frown on that? It's quite a large amount.  If we do add it as a long-term liability, the liability account will gradually decrease as we make payments, and once it reaches zero, the fixed assets accounts will suddenly increase by the full value of the equipment, am I correct?

3) If we do add the rent-to-own / lease agreement as a long-term liability, do we add an entry to the liability account with the date matching the date on which the agreement was signed? With an entry amount equal to the total value of the equipment?

4) What is the best way to remunerate the members? It'll be a profit share: in other words, on the 1st of each month, a pre-defined portion of the previous month's profit will be divided between the members as per their member's interest.  What's the best way to do these payments in a simple manner?  Do you classify it as dividends?  Do you have to subtract tax from the dividend before paying it over to the member?  Or can the members just invoice the CC every month for "consulting", the invoice amount being the amount they're supposed to get as per the profit share for that given month?  Would this be legal/acceptable?

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## CLIVE-TRIANGLE

Your questions
1) Process those invoices as bills in Quickbooks in the normal manner, at the invoice dates. Then do journal entries:
Dt. Accounts Payable with the name of the supplier in the name field
Cr. Loan from member
You can only do 1 Accounts payable line per journal.
Once you are done, the suppliers' accounts will be nil, while you will reflect a balance due to the member on his loan account.
There is nothing sinister about reflecting a loan due to member when there was no actual loan advanced. Don't think terminology; think debits and credits.

2) & 3)The correct treatment of a finance lease is to recognise the asset and lease liability at inception, excluding finance charges. The part of IAS that applies to you requires as follows:

*Initial recognition*
- Recognise a finance lease as assets and liabilities in the statement of financial position at the lower of the
fair value of the leased asset and present value of the minimum lease payments.
-  Discount rate to be used in calculating the present value of the minimum lease payments is implicit in the
lease. If not practicable to determine, the lessee’s incremental borrowing rate shall be used.
-  Any initial direct costs of the lessee are added to the amount recognised as an asset.

*Subsequent recognition*
- Minimum lease payments made are apportioned between finance charges and reduction of the
outstanding liability.
- Finance charge shall be allocated to each period during the lease term so as to produce a constant periodic
rate of interest on the remaining balance of the liability.
- Contingent rents shall be charged as expenses when they occur.
- Finance lease gives rise to depreciation expense and finance expense. Depreciation policy for depreciable
leased assets shall be consistent with that for depreciable assets that are owned
- If there is no reasonable certainty that the lessee will obtain ownership by the end of the lease term, the
asset shall be fully depreciated over the shorter of the lease term and its useful life

4)It can be classified either as salaries or dividends. As from 1 April 2012, a new withholding tax on dividends comes into being. In any event, it is not a simple matter to determine which method will be the most tax effective without crunching the numbers and knowing a lot more about the finances of the cc as well as the members.
My instinct would be treat it salaries (director's /member's remuneration) and to deduct PAYE from it.
The invoice method you propose should not be regarded as an option.

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## aktorsyl

Clive,
Thanks. To follow up:

1) If I understand you correctly, it's the same process as paying a loaded bill, but instead of crediting (for instance) the Repairs&Maintenance account, we credit the member's Loan account? In addition to debiting the Accounts Payable, of course. 
NOTE: I have noticed that, when you capture the invoice as a bill in Quickbooks, you have to specify the expense account, and it debits that account immediately when the bill is loaded (before it gets paid).  I've looked at the journal, and this seems to be the road it follows:

When I load the invoice as a bill, the following happens:
a) Cr Accounts Receivable
b) Dt the relevant expense account (for instance Repairs&Maintenance)

When I pay the bill, the following happens:
a) Dt Accounts Receivable
b) Cr Bank Account

So with that in mind, I managed to confuse myself.  I therefore assume it's not possible to credit the loan account via the bill payment interface, it has to be done manually in the journal?  Do I still go through the bill payment interface and THEN modify the journal, or how would I do it?  Sorry, I know I'm asking very Quickbooks-specific questions, but my accounting knowledge is definitely not on par.

2&3) Ok that makes sense, but I'm unsure how to implement this in Quickbooks?

4) Treating remuneration as salaries and deducting PAYE means the CC will have to register with SARS as an employer and take on a lot of extra admin - I take it there's no alternative?

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## Dave A

> I therefore assume it's not possible to credit the loan account via the bill payment interface, it has to be done manually in the journal?


This is why I suggest setting up a member transaction account as a *bank account*. You use this account for these sorts of transactions just as you would with a normal bank account. Any payments made to the member as recompense would also go to this transaction account. 

And then periodically post the balance to the member's loan account.

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## aktorsyl

1) Managed to do this by creating a new bank account, called Transmission.  Paid the bills from the Transmission account, then debited the transmission account by crediting the loan account.  All worked out in the end.

2&3&4) Still stuck with these.




> Clive,
> Thanks. To follow up:
> 
> 1) If I understand you correctly, it's the same process as paying a loaded bill, but instead of crediting (for instance) the Repairs&Maintenance account, we credit the member's Loan account? In addition to debiting the Accounts Payable, of course. 
> NOTE: I have noticed that, when you capture the invoice as a bill in Quickbooks, you have to specify the expense account, and it debits that account immediately when the bill is loaded (before it gets paid).  I've looked at the journal, and this seems to be the road it follows:
> 
> When I load the invoice as a bill, the following happens:
> a) Cr Accounts Receivable
> b) Dt the relevant expense account (for instance Repairs&Maintenance)
> ...

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## Dave A

There is a substantial difference in the accounting entries between a financial lease and a hire/purchase agreement. Hire to purchase is off-balance-sheet financing.

In your rent-to-purchase situation, you will expense the payments made against an expense account as you make the payments.
At the end of the rental agreement (and *only* at the end of the agreement), you will capitalise the asset at fair value and this will be funded by "rent recovered" - effectively debit the asset account and credit a rent recovered (other income) account.

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## CLIVE-TRIANGLE

1.	Supplier invoices paid by member.
It is always helpful to work out what really happened and then select the various mechanisms offered by the accounting package, that best gives effect to the transactions. You MUST know the desired outcome before you do the entries, then it becomes easy.

Take your case: Firstly, the cc incurred expenses and vat input credits. Therefore you need to DEBIT expenses, DEBIT vat liability and CREDIT the vendor with the sum of the two.
The mechanism for this in Quickbooks is a BILL (Amricanese for a supplier invoice.)
The result of a Bill is a DEBIT to expenses (or wherever allocated) and an amount owing to a Supplier (Creditor), which is the credit.

In this case a member has paid the bills. So the amount is no longer owed to the supplier, but it is owed to the member. That means the supplier must now be DEBITED and the member CREDITED. 

One of the methods is to use a pseudo bank account as Dave suggested, with the balance of the account transferred to the members loan account at the end of a period. I frequently do this, but I actually don’t like this method because it records cheque payments in the books of account that never happened. It’s fine and well when I am the Accounting Officer or Auditor, but it is not always easy for a bookkeeper to explain to someone charged with oversight why they did it this way.

Back to reality: The member needs a CREDIT and the supplier needs a DEBIT. I suggest a journal entry to achieve this result.

2.	Your rent to purchase dilemma.
If the substance of the agreement (not the form), indicates that it is a finance lease, then you need to do asset / liability recognition at commencement. Compare your agreement to IAS 17

Here is a link to the full IAS:
http://www.iasplus.com/standard/ias17.htm

To give effect to the entry in your case depends on the terms of the agreement because at the outset one needs to know how this thing must be classified.

3.	Members remuneration.
At R30,000 per annum there is no PAYE. But I assume the members have other taxable income and if R30,000 is added to it, it will increase their personal tax liability. 

If no paye is deducted you would still be required to issue an IT3 which does require registration.
There are only 3 options really, repayment of loan (i) account, (ii) remuneration or (iii) dividends. Only loan repayment has no admin overhead.

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## CLIVE-TRIANGLE

> I therefore assume it's not possible to credit the loan account via the bill payment interface, it has to be done manually in the journal?  Do I still go through the bill payment interface and THEN modify the journal, or how would I do it?  Sorry, I know I'm asking very Quickbooks-specific questions, but my accounting knowledge is definitely not on par.


Actually there is, provided the member paid the bill on or about the same date as bill.
You begin with the bill as normal, but at the top where you enter the total of the bill, make it Zero.
In the detail area, select Accounts (not items) and allocate the amount of the expense to the expense account and VAT.
The bill at this point is out of balance.
On the next line allocate the total amount of the bill (including VAT) to the Member's loan account, as a negative.
The bill at this point balances.
The result will be:
Expense - debit
Vat liability - debit
Accounts payable - nothing
Members lac - credit

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## aktorsyl

I think there may be some confusion regarding the nature of the rent-to-own / lease agreement we have with our supplier.

The equipment we're buying from them is already in our depot, and we use it on a daily basis.  But legally, they still own it.  They are selling it to us at a value of X rand.  We pay them Y amount per month (the exact amount varies from month to month depending on how much we can afford to pay them on that given month) until the full amount they have received from us from these monthly payments equals X.  At that point, the equipment becomes ours.  There is no interest rate at play here, and no deposit was payable.

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## BusNavig8

In my humble opinion they should be stated as members loans payable and loans receivable using sub accounts (i.e a debit loan account and a credit loan account). They are definately long term liabilities, and they should not touch the equity account as righly said this is for accumulated profits and losses. The way I indicate what the actual loans are in respect of are by using the "Memo" facility in QBooks as it is not so much a tax issue for me but a measurement of how the CC is performing and who funds are being utilised and for what they are being utilised and how often. So I use it more for a tool than anything else.

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## BusNavig8

Why do you have to raise a "BILL". I only raise the "Bill" for accruals or when it falls outside the vat period. Please explain?

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## CLIVE-TRIANGLE

> Why do you have to raise a "BILL". I only raise the "Bill" for accruals or when it falls outside the vat period. Please explain?


You know the old saying: "the truth shall set you free"
It's the same in accounting. You received a "bill" for a legit expense. So process the bill.
Your expenses will be correct.
VAT will be correct.
Creditors will be correct.
There is no reason not process it.

Also, VAT reports will properly reflect the vendor, tax invoice number, date etc.

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## CLIVE-TRIANGLE

> In my humble opinion they should be stated as members loans payable and loans receivable using sub accounts (i.e a debit loan account and a credit loan account). They are definately long term liabilities, and they should not touch the equity account as righly said this is for accumulated profits and losses. The way I indicate what the actual loans are in respect of are by using the "Memo" facility in QBooks as it is not so much a tax issue for me but a measurement of how the CC is performing and who funds are being utilised and for what they are being utilised and how often. So I use it more for a tool than anything else.


100% agree.
In cases where the company is repaying a substantial shareholders loan, by paying his insurance, RA, mortgage etc, I make each of them a sub account. Its funny how easy some people can forget how much private expenses are being paid and bemoan the absence of cash flow  :Smile:

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## Dave A

> I think there may be some confusion regarding the nature of the rent-to-own / lease agreement we have with our supplier.
> 
> The equipment we're buying from them is already in our depot, and we use it on a daily basis.  But legally, they still own it.  They are selling it to us at a value of X rand.  We pay them Y amount per month (the exact amount varies from month to month depending on how much we can afford to pay them on that given month) until the full amount they have received from us from these monthly payments equals X.  At that point, the equipment becomes ours.  There is no interest rate at play here, and no deposit was payable.


I've been getting some advice on this. The recommendation I've received is to capitalise the asset and show the total liability now, even though ownership is only transferable at the end of the contract.

First, it seems even hp agreements are captured this way nowadays (ties up with Clive-Triangle's post 21). 
Second, you can start depreciating the asset straight away.

At issue is showing total liabilities in the financials, and the total value owed under any lease is supposed to be shown. It was mentioned that there's a possible revision to IFRIS for SME's coming on this, but for now it seems off-balance sheet finance is a no no.

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## aktorsyl

Thanks guys, that answers all of it for now.  I appreciate all the advice!

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## antonnkramer

Hi. Is this right. If you never pay out through salaries so you don't pay PAYE over, you can leave the debit loan for as long as you like, as long as you charge interest on it.This way, if entity is cash tight to pay SARS, u just pay into the loan account and charge interest? When entity has cash again, it can declare a dividend and pay dividend tax over. How will Sars treat this debit loan if left there for say 2 years? Will it want PAYE on the amounts paid at tax year end?

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## CLIVE-TRIANGLE

That is basically it, in a nutshell. One year, two years ... no issue.
I don't follow what you mean regarding the PAYE bit?
Bear in mind the cumulative taxes; 28% + 15% which is 38.8%. Paying a salary is bound to be more effective.

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## antonnkramer

Wow, thanks for reply. I just mean that instead of paying PAYE every month that a salary is paid out, you can pay the full basic amount to the employee without deducting PAYE, just charge interest at prescribed rate and declare a dividend at year end. The rates come to a similar number, but the cash flows are better. Hope thats right.

Regards
Anton

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## CLIVE-TRIANGLE

Haha. Be careful because there are ample anti-avoidance measures. The thing must taste like a loan, and smell like a loan!  :Smile: 
In the new dividend tax thing, it's not the loan that is deemed a dividend, it is the difference between interest charged and SARS' rate, currently 8.5%
So there is little issue with the loan per se.

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## antonnkramer

hi. thanks for reply. Appreciate it. 

So the cash flows are the company pays over the net amount to the employee's loan account, doesnt have to then pay PAYE over that month, charges interest and one fine day a few years later, the company can declare a dividend to zero the loan. It will pay higher tax at year end as it doesnt get the PAYE portion deducted off income, but atleast it helps out on the cash flow situation if the company is tight. 
Is this anti aviodence stuff?

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## CLIVE-TRIANGLE

Anton, for this purpose of the tax act, a distinction is drawn between an employee and a person who has a vested beneficial interest in the shares or members interest. It includes "connected persons" which in the act is pretty inclusive.

It cannot be a "normal" employee loan in the absence of a formal loan scheme to which ALL employees have access.

You could definitely not do this with regards to an employee - part of what determines an employee is the fact that he earns remuneration. It cannot be both. If you attempted that then it would be avoidance.

In the absence of those factors it is a shareholders loan / members loan. You would need to have a loan agreement in place with a repayment plan. The repayment plane would not be able to rely solely on dividends, which may or may not happen.. If a dividend was declared and it eliminates the loan, that would be incidental.

There are many instances in cc's where members take regular monthly drawings which are debited to their loan account, and their "salary" or dividends are determined by the accounting officer at the end of the year, to minimize the tax liability without doing anything dodgy. Often they were hamstrung by the need to avoid debit loan accounts. That pressing need is much reduced by the new rules even though the new rules were basically drawn up to eliminate the cumbersome STC and STC credits administration that arose from deemed dividends arising from debit loan accounts.

Realise also that debit loans to owners looks lousy in the balance sheet and worse, if the repayment arrangements are dodgy, the auditors or accounting officers would almost certainly apply an impairment adjustment, which is not tax deductable, but which does reduce profit and retained income, further impairing the balance sheet.

If the entity has incurred general finance charges, like overdraft interest, you might well have to add back some or all of it as non-productive interest.

There are other technical consequences outside the scope of the discussion, too.

I can't possibly imagine that the cash flow benefit of something so elaborate justifies the strife that comes with it.

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antonnkramer (22-May-12), BusFact (23-May-12), Dave A (19-May-12)

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## antonnkramer

thank you so much for great answers. Really Appreciate it.

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## JFSA

> Interest would depend on the loan agreement, or if there is none, then the agreement between the members as to whether the loan attracts interest. 
> 
> Credit loan balances (money loaned to the CC) don't have to have interest charged, unless it is part of the loan agreement.
> 
> Debit member loan balances (money loaned by the CC) can become particularly complicated when you consider SARS's view on debit member loan balances. Generally, you will want to charge interest on a member's debit loan balance, if there is still an amount payable to the CC at the end of a financial year. The reason for this is two-fold:
> 
> 1) SARS may deem the interest that would have been charged on the loan (at the SARS recommended rate) to be a fringe benefit taxable in the member's hands.
> 2) SARS may deem the loan to actually be a dividend, and demand dividends tax (from 1 April 2012) be paid on the debit loan.
> 
> ...


Hi David,

I realise that this thread is a bit old, but I was wondering if anything has changed in the interim regarding SARS attitude towards the interest rate on CREDIT loan accounts (i.e. CC owes the member/s money)? - is it still the case that credit loan balances don't have to have interest charged (assuming that this is not part of the loan agreement)? I understand that this obviously increases the CCs tax exposure, but of course reduces the interest earned by the members in their personal capacity so I was wondering SARS ever challenged this (particularly in cases where the interest rate is reduced in a particular tax year)?

Cheers,
JF

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