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  • Reconciliation activities

    When working out your taxable income, you may use your calculation of business profit or loss as a starting point.

    However, you will need to make income reconciliation adjustments or expense reconciliation adjustments. These adjustments reconcile your business operating profit or loss with your business taxable income.

    Some common examples include capital gains tax and different rates of depreciation for tax purposes (rather than accounting rules).

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    Last modified: 03 Apr 2017QC 51611