Balance Sheet not showing Tax Liabilities
Why does my balance sheet not show the breakdown of Tax Liabilities?
Forum Discussion
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
