If your Company/ Trust Trial Balance has any amount in the Yellow and/or Light Blue highlighted areas, YOU ARE PAYING INCOME TAX on the money you have not earned.
SECOND OPINION from another qualified accountant would be the way to go!
|ABC Pty Ltd|
|ABN 11 111 111 111|
|Comparative Trial Balance as at 30 June 2016|
|$ Dr||$ Cr||$ Dr||$ Cr|
|0569||FBT Employee Contributions/ Expense Recoveries||20,541.00||21,231.00|
|0575.03||Interest - Related Party||105112.26||103285.57|
|3565.03||Loan - related party||1468636.64||1468636.64|
|4110||Income tax on profit||83,667.30||174,302.70|
|4200||Issued & Paid up Capital||10.00||10.00|