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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 2016 Income Tax Basics Day 2 The tax reconciliation process
In Australia, income tax is levied on taxable income. The taxable income (or loss) of a taxpayer may not be the same as the accounting profit (or loss) reported in its Profit and Loss Statement. Therefore, reconciliation is generally required to convert the accounting profit (or loss) into the taxable income (or loss) for the particular year of income.
In these notes we consider the tax reconciliation process in detail, and its impact on the completion of the business return.