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Personal And Simplification Taxpayer Compliance Costs

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Question:

Discuss about the Personal and Simplification Taxpayer Compliance Costs.
 
 

Answer:

Introduction:

In order to reconcile the financial accounting with the tax accounting it is necessary to add back the non-tax income and provide deduction or adjustment for taxation items.

Accounting depreciation

 $      55,351.00

Provision for annual leave

 $      19,752.00

Provision for wastage of food

 $      13,578.00

Excess wages over normal wages

 $      19,080.00

Repair that should be capitalized

 $      16,600.00

Bad debt

 $        2,985.00

Total

 $    127,346.00

The accounting depreciation is not allowed as deduction as and the depreciation amount that is allowable under tax should be allowed as deduction. The provisions are not tax-deductible expenditure. The wages that is paid in excess of the general market condition is not allowed as deduction for the purpose of tax. The cash basis of accounting is followed so bad debt is not allowed as deduction.

Calculation of Taxable income

Particulars

Amount

Net Profit As per Accounts

 $    274,999.00

Tax Expenses

 $         810,053.00

Profit before Tax

 $     1,085,052.00

Add:

 

Accounting depreciation

 $      55,351.00

Provision for annual leave

 $      19,752.00

Provision for wastage of food

 $      13,578.00

Excess wages over normal wages

 $      19,080.00

Repair that should be capitalized

 $      16,600.00

Bad debt

 $        2,985.00

Total

 $    127,346.00

Add:

 

Franking credit

 $        8,744.00

Dividend withheld

 $        2,000.00

Less:

 

Depreciation

 $           60,000.00

Taxable Profit

 $     1,163,142.00

 

Reference

James, S., Sawyer, A. and Wallschutzky, I., 2015. Tax simplification: A review of initiatives in Australia, New Zealand and the United Kingdom. eJournal of Tax Research, 13(1), p.280.

Tran-Nam, B., Evans, C. and Lignier, P., 2014. Personal taxpayer compliance costs: Recent evidence from Australia. Austl. Tax F., 29, p.137.

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