Is busines income tax paid a deductable expense item. If so, where is it reported on the company tax return ?
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Hi @NotABeanCounter,
By the sounds of it you're talking about income tax paid by the company after lodging a tax return. Income tax is not a business expense. Our website has details about what a business can claim.
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Hi @NotABeanCounter,
By the sounds of it you're talking about income tax paid by the company after lodging a tax return. Income tax is not a business expense. Our website has details about what a business can claim.
The ATO website was the first place I looked for answers. It tells me that all expenses that are directly related to earning an income are deductabe. Since the tax I paid was a direct result of company profits, income tax is clearly related to business income. Is it not ?
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