Superannuation Consolidated

Temporary Differences

Statement Purpose
This statement provides a detailed breakdown of the temporary differences between carrying value and tax value of an asset/liability and also allows the calculation of deferred tax for the consolidated group.

Data Flow

Information from
Balance Sheet
 transfers into this statement for selected financial statement items identified as deferred tax.
These tax value financial statement items can be found in
Tax items and descriptions
, available under
Set up
.
If
Accounting
 is selected for any unrealised gain or loss item in
Calculation Setup
, unrealised gain or loss information from
Balance Sheet
 will transfer automatically into this statement as both carrying value and tax value, indicating that the unrealised gain or loss tax value equals its carrying value.
If
Tax
 is selected, the value from
Statement of unrealised income
 will transfer only to the tax value in this statement.

Explanation of Fields

  • Carrying Value as per Balance Sheet
     — The accounting values from the Balance Sheet will be transferred to this column.
  • Tax Value
    • Balance Sheet
       — The tax value of specified deferred tax line items from
      Balance Sheet
       will appear in this column.
    • Any corrections should be entered under
      Tax value manual override
      .
  • Unrealised gain or loss
     — The selection between
    Accounting
     and
    Tax
     in
    Calculation Setup
     determines whether accounting values appear in this column for unrealised gain or loss items.
    • If
      Accounting
       is selected, it is assumed the carrying value equals the tax value, and both appear.
    • If
      Tax
       is selected, this column will be blank. Any tax value input should be provided under
      Tax value manual override
      .
  • Tax value manual override
     — Use this when the tax value shown in the tax value column is incorrect. Enter the correct tax value (not an adjustment). Deferred tax calculation will use this value instead of the tax value column.
  • Exception amount
     — Enter amounts that must be excluded from calculating temporary differences. The calculation will exclude any exception amount.
  • Temporary Difference (DTA/DTL)
     — The difference between carrying value and tax value. A positive amount represents a deferred tax asset; a negative amount represents a deferred tax liability.
  • Adjusted group total – tax value
     — The final group total for tax value after including any consolidated group adjustments.
  • Group total – tax value
     — The aggregated tax value before consolidated group adjustments.

Signage

  • Carrying and tax values are positive amounts.
  • Tax value override amounts can be positive or negative.
  • Exception amounts can be positive or negative.
  • Deferred tax assets are shown as positive amounts.
  • Deferred tax liabilities are shown as negative amounts.

This article applies to:

  • Product: ONESOURCE Corporate Tax