chapter 12 income tax. lecture topics payment of company income tax difference between taxable...
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Chapter 12Chapter 12
Income Tax Income Tax Chapter 12Chapter 12
Income Tax Income Tax
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Lecture TopicsLecture Topics
• Payment of company income tax• Difference between taxable income and
pre-tax accounting profit• Tax effect accounting requirements• Recording tax under the balance sheet
method• Assessment of the tax-effect and balance
sheet method
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Lecture ReferencesLecture References
• Text - Chapter 12• AASB - 1020
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Key ConceptsKey Concepts
• Accounting profit• Taxable income• Income tax expense• Income tax payable• Permanent difference• Timing difference
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Key ConceptsKey Concepts
• Liability method• Balance sheet method• Deferred tax assets (DTA)• Deferred tax liabilities (DTL)• Temporary differences
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Payment of Company Income TaxPayment of Company Income Tax
• Income tax approach to calculating profit– Accounting profit vs taxable income
• Collection of income tax• Calculating income tax
– Income tax installments• Quarterly PAYG installments
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Payment of Company Income TaxPayment of Company Income Tax
GAAP -> Accounting ProfitGAAP -> Accounting Profit
Tax Laws -> Taxable IncomeTax Laws -> Taxable Income
=/
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Payment of Company Income TaxPayment of Company Income Tax
PAYG payments with tax accrued each quarter
Dr Income tax expense xCr Income tax installments payable x
Dr Income tax installments payable xCr Bank x
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Payment of Company Income TaxPayment of Company Income Tax
PAYG payments without accrual
Dr Income tax expense xCr Bank x
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Payment of Company Income TaxPayment of Company Income Tax
• Calculation of income tax for the reporting period– Income tax assessment based on taxable
income, not profit
Dr Income tax expense xCr Income tax installments payable xCr Income tax payable x
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Payment of Company Income TaxPayment of Company Income Tax
• Where installments exceed expected assessment
Dr Income tax expense xCr Income tax installments payable x
Dr Income tax installment refund xCr Income tax payable x
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Differences Between Taxable Income Differences Between Taxable Income and Pre-tax Accounting Profitand Pre-tax Accounting Profit
• Employee benefits• Warranty claims• Depreciation• Doubtful debts• Research and development• Royalties• Goodwill
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Differences Between Taxable Income Differences Between Taxable Income and Pre-tax Accounting Profitand Pre-tax Accounting Profit
• Permanent differences Differences between taxable income/loss and
pre-tax accounting profit/loss arising from the existence of expense or revenue items that will either never be included in the calculation of taxable income or never brought to account in the profit and loss.
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Differences Between Taxable Income Differences Between Taxable Income and Pre-tax Accounting Profitand Pre-tax Accounting Profit
• Permanent differences include:– Non-allowable travel and fringe benefits– Exempt income– Investment allowances
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Differences Between Taxable Income Differences Between Taxable Income and Pre-tax Accounting Profitand Pre-tax Accounting Profit
• Timing differences Differences between taxable income and pre-
tax accounting profit arising because the financial period in which some revenue and expense items are included for tax purposes differs to the period in which they are included for accounting purposes.
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Differences Between Taxable Income Differences Between Taxable Income and Pre-tax Accounting Profitand Pre-tax Accounting Profit
• Timing differences – Originate in one period and reverse in one or
more later periods.– Include:
• Depreciation • Warranty expenses• Bad vs doubtful debts
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Cimino LtdCimino Ltd – Depreciation deductions – Depreciation deductions
Yr Acc. Tax Diff. $ $ $
19X2 7500 10000 -2500
19X3 7500 10000 -2500
19X4 7500 10000 -2500
19X5 7500 nil +7500
Total 30000 30000 nil
Yr Acc. Tax Diff. $ $ $
19X2 7500 10000 -2500
19X3 7500 10000 -2500
19X4 7500 10000 -2500
19X5 7500 nil +7500
Total 30000 30000 nil
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Tax– effect Accounting RequirementsTax– effect Accounting Requirements
• Items reported in the financial statements need to show tax consequences
• Different ‘tax-effect’ methods– Liability method -> original AASB 1020– Deferral method– Balance sheet method -> new AASB 1020
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Balance Sheet MethodBalance Sheet Method
• Main features– Allocation of income tax based on
assets/liabilities per SAC4– Focuses on ‘valuation’ issue– Considers ‘deferred’ tax assets and liabilities– No permanent differences
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Balance Sheet MethodBalance Sheet Method
• Main features – Temporary not timing differences– Includes: revaluations, investments in
subsidiaries and foreign exchange differences– Deferred tax assets/liabilities recognised when
“more probable than not”
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Balance Sheet MethodBalance Sheet Method
• Based on differences between 2 balance sheets– Actual (accounting based)– Notional (tax based)– Defined tax base important
Differences -> temporary -> deferred tax Asset/Liability
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Balance Sheet MethodBalance Sheet Method
Carrying amounts of assets or liabilities- Tax bases of assets or liabilities= Assessable or deductible temporary
differencesx Tax rates= Deferred tax liabilities or assets
Carrying amounts of assets or liabilities- Tax bases of assets or liabilities= Assessable or deductible temporary
differencesx Tax rates= Deferred tax liabilities or assets
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Balance Sheet MethodBalance Sheet Method
• Deferred tax assets (DTA)– Income taxes recoverable in future reporting
periods in respect of:• Deductible temporary differences, and• The carry forward of unused tax losses
• Deferred tax liabilities (DTL)– Income taxes to be settles in future reporting
periods in respect of assessable temporary differences
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Balance Sheet MethodBalance Sheet Method
Temporary differences The difference between the carrying amount of
an asset or a liability in the statement of financial position and its tax base
Temporary differences The difference between the carrying amount of
an asset or a liability in the statement of financial position and its tax base
Tax base The amount that is attributed to an asset or a
liability for tax purposes
Tax base The amount that is attributed to an asset or a
liability for tax purposes
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Balance Sheet MethodBalance Sheet Method
• Temporary differences– Assessable temporary differences– Deductible temporary differences– Recovery or settlement of an asset or liability– Temporary differences and timing differences– Temporary differences and permanent
differences
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Balance Sheet MethodBalance Sheet Method
Classification of temporary differences
Relationship betweenCarrying amount Tax base Asset Liability
CA – TB is positive Assessable temporary Deductible temporaryCarrying amount> tax base difference difference
CA – TB is negative Deductible temporary Assessable temporary Tax base > carrying amount difference difference
Classification of temporary differences
Relationship betweenCarrying amount Tax base Asset Liability
CA – TB is positive Assessable temporary Deductible temporaryCarrying amount> tax base difference difference
CA – TB is negative Deductible temporary Assessable temporary Tax base > carrying amount difference difference
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Temporary differences
Relationship between timing difference, temporary Relationship between timing difference, temporary difference and permanent differencesdifference and permanent differences
Permanent differences
Timingdifferences
Permanent differences that do affect carryingamount or tax base ofassets or liabilities
Permanent differencesthat do not affect carryingamount or tax base ofAssets and liabilities
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Balance Sheet MethodBalance Sheet Method
• Components of income tax expense– Current tax– Taxable amount– Deferred tax
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Balance Sheet MethodBalance Sheet Method
• Recognition of deferred tax assets– Probability that future taxable amounts will be
available against which temporary differences can be utilised
• Recognition of deferred tax liabilities– Assessable temporary differences that reflect
‘future tax consequences’
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Balance Sheet MethodBalance Sheet Method
• Exceptions to the recognition of DTAs and DTLs– Goodwill– Initial recognition of assets and liabilities– Investments in subsidiaries, associates and
joint ventures
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Balance Sheet MethodBalance Sheet Method
Classification of effect of temporary differences and recognition of DTLs and DTAs
Relationship betweenCarrying amount Tax base Asset Liability
CA – TB is positive Assessable temp. diff. Deductible temp. diffCarrying amount> tax base
Deferred Tax Liability Deferred Tax Asset
CA – TB is negative Deductible temp. diff. Assessable temp. diff Tax base > carrying amount
Deferred Tax Asset Deferred Tax Liability
Classification of effect of temporary differences and recognition of DTLs and DTAs
Relationship betweenCarrying amount Tax base Asset Liability
CA – TB is positive Assessable temp. diff. Deductible temp. diffCarrying amount> tax base
Deferred Tax Liability Deferred Tax Asset
CA – TB is negative Deductible temp. diff. Assessable temp. diff Tax base > carrying amount
Deferred Tax Asset Deferred Tax Liability
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Balance Sheet MethodBalance Sheet Method
• Calculating deferred tax items– Worksheets– Carrying amount and tax base
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Balance Sheet MethodBalance Sheet Method
• Comparing tax payable and tax-effect accounting– Tax payable vs tax expense– How sound is tax effect accounting?– Recognition under SAC4
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Recording Tax Under the Balance Recording Tax Under the Balance Sheet MethodSheet Method
At reporting date Dr Current tax expense xx Cr Income tax payable xx recognition of income tax payable for the year
Dr Deferred tax expense x Cr Deferred tax liability x tax effect of change in temporary difference due to ...
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Recording Tax Under the Balance Recording Tax Under the Balance Sheet MethodSheet Method
At reporting date Dr Income tax expense xx Cr Current tax expense
xx Cr Deferred tax expense
x
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Recording Tax Under the Balance Recording Tax Under the Balance Sheet MethodSheet Method
• Multiple tax-effect items– Accounting procedures depend on whether:
• items are being recognised initially• items were recognised in a previous period• items are capable of being offset• the benefit is likely to be realised in the future
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Recording Tax Under the Balance Recording Tax Under the Balance Sheet MethodSheet Method
• Impact of a tax loss– Generally carried forward to offset against
future assessable income– Give rise to deferred tax assets– Must be probable they will be realised
• Tax losses and derecognition of DTLs
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Recording Tax Under the Balance Recording Tax Under the Balance Sheet MethodSheet Method
• Tax loss disclosures– Revenues recognised from the derecognition of
DTA arising from prior period tax losses– The impact of the recognition or recoupment of
tax losses– The amount of deferred tax losses for which no
DTA has been recognised– Nature and evidence of DTAs
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Recording Tax Under the Balance Recording Tax Under the Balance Sheet MethodSheet Method
• Tax rate to be used and changes to tax rate– Initial recognition
• Capital gains tax– Subsequent recognition
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Recording Tax Under the Balance Recording Tax Under the Balance Sheet MethodSheet Method
• Reassessment of carrying amount of DTAs and DTLs– Reviewed at each reporting date– Reassess ‘probability’ issues
• Set-off of tax assets and tax liabilities– Refer AASB 1040, 1014 and 1033– Must have ‘legal right of set-off’
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Recording Tax Under the Balance Recording Tax Under the Balance Sheet MethodSheet Method
• Direct debits/credits to equity– Revaluation of non-current assets
Dr Accumulated depreciation xxCr Assetxxtransfer of accumulated depn. Prior to revaluation
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Recording Tax Under the Balance Recording Tax Under the Balance Sheet MethodSheet Method
Dr Asset xCr Asset revaluation reserve xupward revaluation of asset
Dr Asset revaluation reserve xCr Deferred tax liability xrecognition of deferred tax liability
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Disclosure in Financial ReportsDisclosure in Financial Reports
• Major components of income tax expense• Current and deferred tax not recognised in
net profit• Change in tax rates• Unrecognised tax losses• Details of temporary differences, DTAs and
DTLs• Details of transferred tax losses
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Assessment of Tax-effect Accounting Assessment of Tax-effect Accounting and the Balance Sheet Methodand the Balance Sheet Method
• Deferred debits/credits– Conceptual framework
• Direct debits/credits to equity• Is recognition criteria of SAC4 satisfied?• Transferring assets within a group
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Assessment of Tax-effect Accounting Assessment of Tax-effect Accounting and the Balance Sheet Methodand the Balance Sheet Method
• Complexity of AASB 1020• Exceptions • Definition of tax base• Reversability of DTLs and DTAs
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Where to get more informationWhere to get more information
• Other courses• List books, articles, electronic sources