# Profit and Loss Statement



## Become_The_Best (May 13, 2018)

Can a profit and loss statement be acquired through a

1) Income Tax Return or
2) BAS?

Thanks


----------



## Who is John Galt? (Sep 28, 2016)

Become_The_Best said:


> Can a profit and loss statement be acquired through a
> 
> 1) Income Tax Return or
> 2) BAS?
> Thanks


The question is a little obtuse. What exactly do you mean, or perhaps a better question is what do you want it for? Is this in regard to your own (business) activities or are you looking for a P&L for say, a company in which you are considering investing in?

.


----------



## prk (Jul 9, 2015)

a profit and loss statement is prepared before a tax return. 
it basically consists of all revenue, minus all expenses. 
expenses over $20k need to be depreciated, but those under $20k can be deducted fully.(this can vary year to year). what you are left with is your profit (or loss).


----------



## Become_The_Best (May 13, 2018)

Who is John Galt? said:


> what do you want it for





prk said:


> a profit and loss statement is prepared before a tax return.


I need it to submit to the centrelink. They need me to complete the profit and loss statement.


----------



## Who is John Galt? (Sep 28, 2016)

Become_The_Best said:


> I need it to submit to the centrelink. They need me to complete the profit and loss statement.


CentreLink? Is that still a thing? Okay...ummm that is a little outside my area of expertise. However, If I was you, I would get try and get an interview or appointment with one of the muppets at CentreLink and explain that you are lacking in expertise in the P&L area and that you need to be shortlisted to be placed on their next intake for the P&L courses.

I would suggest that you will be given a government grant and put up in a luxury suite at the Mayfair on KW, and a personal trainer from Ernst & Young or similar will be hired to give you one-on-one tuition in the intricacies of preparing a P&L. If you have a family to support, they will be given their own suite at the hotel so as not to disturb your studies. Obviously all this largesse will be funded by the taxpayer so that the absolute best outcome is achieved, and you receive maximum CentreLink benefits.

.


----------



## prk (Jul 9, 2015)

Become_The_Best said:


> They need me to complete the profit and loss statement.


do you use accounting software (myob etc?)
if so, then just go to the "reports" function. choose profit and loss, and print.


----------



## Become_The_Best (May 13, 2018)

prk said:


> do you use accounting software (myob etc?)
> if so, then just go to the "reports" function. choose profit and loss, and print.


I am using AirTax


----------

