FINANCE

CHANGE OF ACCOUNTING DATE

CHANGE OF ACCOUNTING DATE
Business has right to change their accounting date. When this happens  assessment is based on the old or the new accounting date for the first three years from the date of change. The result that gives the higher tax is elected by the tax authority.
ILLUSTRATION
ABC & CO
YEAR ENDED         =31/09/2012
                                  =31/09/2013
                                 =31/12/2013
                                  =31/12/2014
                                  =31/12/2015
TAX YEAR                OLD                                            NEW
2014                    01/10/2012-31/09/2013          01/01/2013-31/12/2013
2015                     01/10/2013-31/09/2014          01/01/2014-31/12/2014
2016                      01/10/2015-31/09/2015        01/01/2015-31/12/2015
 
 
 

Disclaimer: Obi Azubuike is not by this publication(or post) acting as a professional advisers and therefore not liable for any damage whatsoever for your acting or refraining to act based on  this publication(post). Consult your professional for advice. 

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