Comments

  1. avatar says

    Current Year Basis is taxation based on the accounting year that ends in a particular tax year.

    For instance, for the tax tear 13/14, the current year is 30/6/13 (given in the question) because that is the accounting year that ends in tax year 13/14.

    • avatar says

      If you see previous part there this concept it introduced. This is the amount that is excessively re-used. Like if profit for the year was $48000. If it is aportioned to like $10000 in tax year 2014/15 and then in 2015/16 it is written as $48000 again. ( So $10,000 of the profit is overlap )

      I suggested you should try to see last part and practice examples almost thrice. Thats what I do and then the concept got cleared to me!

  2. avatar says

    Hello sir,
    i have a small doubt, i really dont understand what you mean by current year basis
    for the tax year of 13/14, how do you know that the account year ended is 30/6/13?
    please help

    • avatar says

      Current Year Basis is taxation based on the accounting year that ends in a particular tax year.

      For instance, for the tax tear 13/14, the current year is 30/6/13 (given in the question) because that is the accounting year that ends in tax year 13/14.

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