Forum Discussion

AccountsFire's avatar
AccountsFire
Contributing User
2 months ago

Balance Sheet not showing Tax Liabilities

Why does my balance sheet not show the breakdown of Tax Liabilities?  

 

 

5 Replies

  • Shella_A's avatar
    Shella_A
    MYOB Moderator

    Hi AccountsFire

     

    Your balance sheet might not show tax liabilities breakdown for various reasons. I ran the same report, and it worked fine for me. Try logging out, clearing your AccountRight cache, and logging back in. This usually fixes such issues. Let me know if you still need help!

     

     

    Kind regards,

    Shella

  • AccountsFire's avatar
    AccountsFire
    Contributing User

    Hi Shella

    Unfortunately, this did not make a difference, I still have no breakdown on the report

  • DuncanS's avatar
    DuncanS
    Ultimate Partner

    AccountsFire

     

    A Sole Trader will normally not have a Income Tax Payable Ledger.

    PAYG - I may have been paid during a FY.

    The PAYG - I is cleared once the Tax Return has been lodged.

     

    With a Company, the Tax Agent will calculate the Income Tax Payable amount.

    This should appear as a Current Liability.

    Check that the Income Tax Payable agrees with the Calculation Statement in the Company Tax Return.

     

    Duncan