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These notes are intended to be a guide only. None of the comments contained in these seminar notes are intended to be advice, whether legal, financial or professional. You should not act solely on the basis of the information contained in these notes because many aspects of the material have been generalised and the tax laws apply differently to different people in different circumstances. Further, as tax and related laws change frequently, there may have been changes to the law since the notes were written. Specific advice should always be obtained from a tax professional.
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Notes Online Home 2014 Income Tax Basics Day 2 Completing the calculation statement
Once we have established the taxable income to be reported on the Company Return using the tax reconciliation process, we then need to calculate the taxpayer’s income tax liability. This is done on the Calculation Statement.
In these notes we provide a summary of the 2014 Calculation Statement and the process we undertake to apply any applicable tax refunds or offsets.