Income Statement Example Ato

Example 2 multi step income statement.

Income statement example ato. Here s an example single step income statement we created for another hypothetical company dead simple coffee inc. To finalize your income statement add a header to the report identifying it as an income statement. A single step income statement is a little more straightforward. Paul s guitar shop inc.

If you use a registered tax agent they will have access to your income statement so they can complete your tax return. All income statements have a heading that display s the company name title of the statement and the time period of the report. Add your business details and the reporting period covered by the income statement. Would have the following heading.

If you don t want to create a mygov and link to the ato you can phone us on 13 28 61 to get a copy of your income statement. Dead simple coffee inc. Enter the figure into the final line item of your income statement. The multi step income statement format comprises a gross profit section where the cost of sales is deducted from sales followed by income and expenses to reach an income before tax.

It adds up your total revenue then subtracts your total expenses to get your net income. The income statement format above is a basic one what is known as a single step income statement meaning just one category of income and one category of expenses and prepared specifically for a service business. Finalize the income statement. Examples of service businesses are medical accounting or legal practices or a business that provides services such as plumbing cleaning consulting design etc.

For year ended dec.