Trading results

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July 27, 2017 at 9:11 pm #399070
Candy
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Dear tutor,

Please confirm

Trading results and total income are not tax adjusted figures and therefore we need to adjust for the tax year using basis of assessment?

Yet if we get a question with tax adjusted trading profits, we do not need to adjust and instead insert the figure into our tax year calculations?

Thank you
July 28, 2017 at 6:55 am #399094
Tax Tutor
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The tax adjusted trading profit is the figure to include in the income tax computation for the relevant tax year of assessment along with the other sources of taxable income in deriving the total income figure which also included on that computation
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