Company tax entry
I just paid company tax for 2024, but it is set up in my file as an "Other Expense", with then obviously reduces my net profit for 2025.
What sort of account should company tax be so that it re...
Forum Discussion
Hi georgieh DuncanS ChrisMc
Not many Accountants will do this, some will send you the entry they want done, but that is very rare. That is why you need someone who is an exceptional Bookkeeper or like me a qualified Accountant but didn't want to do the extra study to be a CPA or CA. Being a single mother was hard enough with working part time.
Their would be more than just the Income Tax to be entered in the end of year adjusting entries, there would also be depreciation, if employing staff they may also take out the superannuation expense not yet paid, some do some just do that via the income tax return adjustments.
There also may be a reduction or increase in some of the expenses. All of this can be worked by comparing MYOB's P&L and BS to the financials that an Acccountant gives their client at end of year once the Tax return lodged.
