Basis of assessment

This topic has 1 reply, 2 voices, and was last updated 9 years ago by Tax Tutor.

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March 24, 2017 at 10:35 am #379109
gasior
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Hi,
Can you let me know if I am right on that:
Commence to trade on 1st October 2014. Accounts for the period listed below:
31/03/2015 – 36,000
30/09/2015 – 72,000
30/06/2016 – 120,000
My answer:
2014 – 18,000
2015 – 72,000 + 36,000 = 108,000
2016 – 120,000 + 18,000 = 138,000.
Is that correct?
Kind regards,
March 27, 2017 at 6:48 pm #379387
Tax Tutor
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Your example involves 3 changes of accounting date in the first 3 periods!! This will not happen and will not be examined. Do some proper examples and learn the proper rules. Use the notes!
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