请教会计高人Income tax 帐户设置等问题

紫水晶

我到现在的公司的公司时间不长，上个月收到的会计公司的tax return, 发现与公司的REPORT有差异，尤其是balance sheet . 之前的会计没有根据tax return 做adjustmetn, eg. 两年都没计提折旧，dividend provision

我们的Income tax 账户设置与会计公司应该不同。tax return 里面有Income tax liability, 可是我们公司没有,而是在EQUITY下设置了Income tax installment 和Income tax paid 两个账户，quaterly BAS return 时，Debit  Income tax installment，年初再将上年的结转到Income tax paid，所以Income tax Paid 始终有负值，而且逐年见长。而tax return 里,equity 下只有 capital and returned profit.

请问：会计高人，
1.        究竟怎样设置，Income tax 帐务处理才合理？现在差异这么大，我都不知是否要维持原状，还是作调整。
2.        如果要在08调整以前年度事项,eg. Depreciaiton, 是Debit expenses 还是returned profit. 如果是expense, 会对当年的profit 产生很大影响。

我还没start new financial year,  希望理顺做了调整再结转，但是看起来要做的工作很多。没在澳洲学过这些，上网也没查到，郁闷。请高人指点迷津，不胜感谢！！！（有分分啊）

hhuang

一般地说,TAX EFFECT ACCOUNTING 需用到的ACCOUNTS 有: INCOME TAX EXPENSE (P/L), INCOME TAX PROVISION (BS), FUTURE INCOME TAX BENEFIT (BS)
你们公司的帐目设制的比较怪. INCOME TAX PAID 和INSTALLMENT都是在INCOME TAX PROVISION 里都可以处理完了.不应该到EQUITY里的. 在INCOME TAX PROV里,应有INCOME TAX PAYABLE (从STATEMENT OF TAXABLE INCOME算出),然后减去INSTALMENT PAID就等于你期末的TAX PROVISION BALANCE了.
如要调整08年以前的帐目,应算出TAX EFFECT然后直接ADJUST RETAINED EARNINGS.

紫水晶

非常感谢hhuang。

Xavier

原帖由 紫水晶 于 2009-1-4 19:11 发表
我到现在的公司的公司时间不长，上个月收到的会计公司的tax return, 发现与公司的REPORT有差异，尤其是balance sheet . 之前的会计没有根据tax return 做adjustmetn, eg. 两年都没计提折旧，dividend provision

我 ...

I think your company is a private company (i.e. ABC Pty Ltd) as opposed to a public company (i.e. ABC Ltd). Therefore, the reporting requirement is much looser than those of public companies. It doesn't matter how messy the accounts are, your tax accountant is paid to fix that mess. Don't worry too much about that. At the end of the day, your accountant will supply their records to the ATO if so required.

Notwithstanding what I just mentioned, for cost saving, it is a good idea to maintain a set of accounts the same to the one that your accountant gave you after the end of the financial year. By keeping your accounts the same as your accountant's will save a lot of time spent on fixing at your accountant's end. Hence, reduce the cost on accounting fees. Sometimes this fee can be huge.

The reason the depreciation expenses is not in your accounts is because you don’t have an assets register. Your accountant will still prepare the tax return based on their depreciation schedule even you do have an assets register. What you have to do is take this expense into account when you prepare the end of year taxation account adjustments.

One more suggestion before I answer your questions. I assume you are using MYOB or other similar accounting package. In the Equity section, MYOB does not automatically transfer any newly created account balance in this section into Retained Profits when you rollover the accounts, it will only rollover the balance into the same account each year. If you created a new account in this section liked your accountant did (i.e. Income tax expense), don’t expect to see the same result as your accountant’s. Therefore, you should create an Income tax expense account in the Profit and Loss Statement. Also, you need to create a Company Taxation Account in the Balance Sheet (not in the Equity section) similar to that of your accountant’s. When you paid the quarterly PAYG Income Tax Instalment, you debit the Taxation account. When you received your accountant’s set of accounts, whatever tax needs to be paid you debit the Income tax expense account and credit against the Taxation account. The balance in the Taxation account should be the same as the tax payable or refund in the company tax return. If the balance is different to that of the tax return, you may need to check whether any interest or penalty was charged by the ATO during the year.

Answer to your questions:
1.The first part I have answered. For the second part, I suggest you using an Excel workbook to work out the differences of the two sets of the accounts. Write one journal to make your accounts the same as your accounts.
2.Depreciation is a non cash expense but deductible in your case, you need to record this expense into your company’s books.

Hope the above help!

紫水晶

Thanks so much for your kind suggestion and detailed explanation. I have got some ideas about the adjustment.

You are quite right. My company is a private company and we are using MYOB system. Today, I contacted our accountant, inquiring about some unmatched accounts. As you said, it is not a big deal.  According to him, I do not need to do anything about income statement , as  we shall not reconcile with it due to the treatment of some expenses. As to balance sheet, I can create a Clearing account  and transfer all the differencs of balances between our reprots and his report to it. The clearting account will be zero after rollover. And we shall have same balance with their account.

Therefore , it is much easier make adjustments now. However, could anyone tell me  what type of account the clearing account  would be? Asset?Equity? or expense account?  

Many thanks!