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 | ||