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Tippletine Come Mar/Jun 18 help?

Forums › ACCA Forums › ACCA AFM Advanced Financial Management Forums › Tippletine Come Mar/Jun 18 help?

  • This topic has 1 reply, 2 voices, and was last updated 3 years ago by John Moffat.
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  • February 24, 2020 at 2:24 am #562872
    12131415a
    Participant
    • Topics: 1
    • Replies: 1
    • ☆

    Can someone please explain me the tax losses on investment carried forward part? can’t seem to wrap my head around it

    February 24, 2020 at 7:16 am #562893
    John Moffat
    Keymaster
    • Topics: 56
    • Replies: 53341
    • ☆☆☆☆☆

    The tax is calculated in appendix 1 of the answer.

    Given that in year 1 the taxable profit (calculated in the normal way) is a loss, then there is no tax payable. The tax loss of 14,650 is carried forward and subtracted from the taxable profit in year 2. Since there remains a loss of 7888 then again there is no tax payable and the remaining loss is subtracted from the taxable profit in year 3 which leave a profit of 1034 subject to tax.

    In future you must ask in the Ask the Tutor Forum if you want me to answer – this forum is for students to help each other.

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