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 | |||||
2016 | 2016 | 2015 | 2015 | ||
$ Dr | $ Cr | $ Dr | $ Cr | ||
Income | |||||
0569 | FBT Employee Contributions/ Expense Recoveries | 20,541.00 | 21,231.00 | ||
0575.03 | Interest - Related Party | 105112.26 | 103285.57 | ||
Assets/ Liabilities | |||||
3565.03 | Loan - related party | 1468636.64 | 1468636.64 | ||
Equity | |||||
4110 | Income tax on profit | 83,667.30 | 174,302.70 | ||
4199 | Retained Profits | 4,385,258.93 | 3,979,135.40 | ||
4200 | Issued & Paid up Capital | 10.00 | 10.00 |