END OF YEAR REPORT

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The End of the Year Report has nothing to do with your Goods and Services Tax. It is a tax that you would be paying anyway as you derived an income. This is your taxable income, which you would be paying irrespective of any Goods and Services Tax (or VAT, etc.). This Report summarizes you expenses and income and calculates your profit or loss. However it is not necessarily the final result, it may be used as a summary to prepare the final report, and this is due to the fact the tax laws can be complex. For example you may not necessarily write off certain expenses, but depreciate them over time, like expensive plant and equipment. The main purpose of this end of the Tax Year report is to provide the figures for the final end of the tax year accountancy work, which is then processed through your Tax Office.