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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 2015 Income Tax Basics Day 2 Expenses
The treatment of many expenses for accounting purposes may not always be the same as their treatment for tax purposes. In these notes we will examine how to complete the Business Return using the expenses recorded in the financial accounts. In some cases, taxpayers may also need to complete a ‘Reconciliation to taxable income or loss’ which is discussed in The tax reconciliation process chapter of these seminar notes.
These discussions are generally based on the assumption that the taxpayer is an Australian resident company that is not a Small Business Entity (‘SBE’). For a discussion regarding SBEs, refer to the Overview chapter of these seminar notes.