View the income tax position

Overview

The tax position function allows users to review the income tax calculation, and the impact each workpaper has on taxable income. The income tax position can be viewed in four different views, and contains both a statement of taxable income, and a statement of tax position, along with remaining balances of tax losses and non-refundable tax credits.

View the statement of taxable income

From the navigation bar, select Tax Position. The tax position can be reviewed in different formats, with the default being the Tax Return view.

The Statement of Taxable Income (SOTI) reconciles accounting profit from your trial balance to taxable profit. Each workpaper that impacts taxable profit will display, either under Temporary differences or Permanent differences. The signoff status of the workpaper will display in the far right, and this is directly linked to the signoff that you can view within a workpaper, or on your trial balance page.

The Statement of Tax Position sits below the SOTI, and reconciles taxable income to net tax to pay/refundable. This is impacted by tax credits added to workpapers, IR transactions, loss, transfer and subvention transactions, and tax pooling.

Alternative formats

Selecting alternative tabs at the top of the page allows you to view the tax position in different formats:

• Tax Provision displays the Statement of Taxable Income and the impact to Current Tax Expense, Deferred Tax Expense, Deferred Tax Balance, Current Tax Balance and Other Balance.
• Analysis by year displays the tax calculations for multiple years if the data is in the software.
• Analysis by version displays tax calculations for multiple versions. This allows the comparison of one version to another, or to live data, to identify variances.

What's Next?

Finalise an income tax return

Related Articles

Add or remove a workpaper

Record tax payments

Add a tax loss

Request an income tax transfer between entities

Add a subvention payment

Add and compare versions