Superannuation Consolidated

Current Tax

Statement Purpose
The purpose of this statement is to calculate the taxable income or loss for the consolidated level of the superannuation fund by applying tax adjustments to the net accounting income or loss for the period. This statement also identifies income that creates temporary tax differences.

Data Flow

The statement is populated predominantly via links from backup statements.
  • Net accounting income or loss for the period is linked from the
    Income statement
    .
  • Adjustments to net accounting income or loss for the period are linked from backup statements.
The statement also displays the aggregated balances of entities within the group.

Explanation of Fields

  • Temporary Differences Category
     — The selection in this column allows the user to choose a category for any domestic or foreign investments within this statement so they appear in
    Temporary differences movement
     as a current tax expense category.

Signage

The signage settings are as follows:
  • Increases to taxable income are entered as positive amounts.
  • Decreases to taxable income are entered as negative amounts.

This article applies to:

  • Product: ONESOURCE Corporate Tax