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roger dodger heard he can take money out of his company without having to pay top-up tax if he enters into a division 7a complying loan agreement its like borrowing money from a bank so the lawyer needs to mirror arms length terms and conditions he goes and sees his accountant mitch to learn more about it mitch says so you need to pay interest in principle by the end of each year the interest rate is set by the ato each year and its currently 4.52 per annum the loan term is a maximum of seven years so if you take out seven hundred thousand as a loan the principal and interest payments due by thirty june each year is around a hundred and eighteen thousand mitch produces this loan repayment schedule so say in year one you have to pay 118 000 and that is made up of 87 000 in principle and about 32 000 in interest and by the end of the year your balance will be six hundred and twelve thousand dollars roger goes so every year i have to pay a hundred and eighteen thousand to dodge a co um
