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.
Copyright(c)2018-Obi Azubuike