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  • 7 Reconciliation to taxable income

    Attention

    Warning:

    This information may not apply to the current year. Check the content carefully to ensure it is applicable to your circumstances.

    End of attention

    Taxable income or loss

    At T show the amount shown at item 6, label T. If this amount is a loss, print L in the box at the right of the amount.

    Calculation statement

    Taxable income

    At A show the amount shown at item 7, label T Taxable income or loss.

    Gross tax

    At B show the amount of tax payable before the allowance of any credits. The company tax rate is 30%.

    Tax payable

    At this label show the amount shown at B Gross tax.

    PAYG instalments raised

    At T show any PAYG instalments that have been raised for the current year tax liability.

    Tax withheld from interest/investments

    At Y show any amounts deducted from investment income because a TFN was not provided to the investment body.

    Total of T and Y

    At R show the total of amounts shown at T and Y.

    Total amount of tax payable or refundable

    At S show the amount of tax that is payable or refundable.

    Last modified: 14 Sep 2012QC 18005