Does your company report income tax payable as a consolidated group to the ATO

We recommend using a narrative

Is your company part of a consolidated group for income tax purposes?

Check out the ATO here:

Yes?

If yes, then your company accounts won't show the income tax payable.

However, a disclosure should be included to ensure the report user understands the situation.

Here is an example that you can edit to suit your situation:

The Company prepares and lodges tax returns through the Australian Taxation Office's "Consolidated Group" process. The Parent entity in the group is "XXX XXX Ltd". The Company tax payable amount for the financial year is included as a loan to related party "XXX XXX Ltd".

Add it here: Accounting / advanced / report fields / related party asset or liability