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Free Accounting Software Forum - Accruing company tax

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04/07/2014
Hi, is there a way of calculating the company tax at a given rate on all sales in addition to the gst calc. Company tax is calulated on all sales, then gst is take into account after that?

Thanks inadvance
17/08/2014
No, because the amount of tax the company ends up paying depends on the taxable income (income less allowable deductions).

Even if you knew the percentage it would not work out correctly. With GST the tax goes to the provision for GST Payable and the net amount goes to the sales revenue. For income tax you need the gross amount in sales revenue.
 

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