Accounting for Income Tax
Duration: 0.12 hour
Price: R120.00
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Read more about seriesAccounting for Income Tax
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Overview
It is important to note that up until now you were introduced to the World of Business Tax and the Basics of Financial Accounting.
Throughout this course you will be expected to apply the basic principles of Financial Accounting as this is the starting point when dealing with the taxation in a corporate entity. As you may have already seen and will continue to see throughout this module. The Financial Statements form a critical role when completing tax returns and serve as supporting documentation to SARS.
The practical skill outcomes are therefore learnt throughout this module when dealing with the various tax items. It is important that you do not see accounting as a separate topic but rather as the starting point when it comes to the practical side of corporate tax.
Remember: Business Tax is an integration of various accounting and taxation principles which you will need to evaluate, consider, and apply. You first need to understand the accounting treatment before you can understand and apply the tax treatment.
The subtopics or units included in this topic are:
- Accounting for Income Tax
OUTCOMES OF TOPIC
- Identify the various forms in which a business can operate.
- Identify which information can be found in the financial statements of a business.
- Identify the starting point of a business tax calculation.
- Understand that a difference in the accounting and taxation treatment of a transaction may result in a difference between the accounting net profit and the taxable income of a business.
Understand the need for accounting knowledge when performing a business tax calculation