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...
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Another account to use is a liability named 'company tax liability or tax liability'
This is used by the accountant to enter the tax of 2024 for you to pay off the liability.
Thanks Chris. My accountant doesn't tend to do much within MYOB - just uses it to complete the formal financials and tax returns.
So if I were to do this myself, what would the entries be (and what about the dates, when the transactions occurs in the next financial year)?
Georgie,
The Journal for Income Tax Expense is dated 30 June of the FY.
I recommend that Business Owners 'read and understand' the Company Tax Return before signing.
The Company Tax Return has a Calculation Statement showing Taxable Income, Income Tax, PAYG - I and Income Tax Payable.
All of the above should agree with MYOB.
Duncan
