Profit and Loss & Equipment

Enchanted_PieEnchanted_Pie Member Posts: 3

Hi,

Doing my taxes here in Australia, and I notice that the profit and loss statement doesn't include the assets you acquire throughout the year but are purchases made none the less. Makes sense, but are these something I need to calculate then separately for my tax return? The amount of profit I have made in the top line, this doesn't account for the assets does it?

Comments

  • EmmaPEmmaP Administrator Posts: 270 admin

    Hi @Enchanted_Pie! You are correct in viewing that the Profit & Loss report will show income and operating expense accounts (calculating your revenue & expenses to determine the profit). If you want to view other asset accounts in your reports, the Balance Sheet is a good one to reference! Because this involves your tax return, I'd recommend reaching out to a tax professional in your area to get more specific information on this, just make sure it is completed correctly.

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