Step 2 - Prepare for tax effect accounting

Next step, is to prepare and post the income journal

Please complete the tax journal as best you can.

We are required to add the income tax reconciliation and maybe some deferred tax to the report.

If you can't prepare deferred tax, then we will do it for you. 

It is best to get started, and be prepared to provide us with tax information such as:

1. Imputation credits
2. Carried forward losses
3. Capital losses
4. Tax adjustments
5. Tax rate
6. Tax bases of balance sheet items

Having a readily available copy of the tax return is very helpful.

This task is usually the very last task to complete, so please get started as best you can.