05 Dec 1414
On building and construction industry report mismatches
MEMBER 198 writes:
"It was only a matter of time and now it has happened. A mismatch letter arrived indicating that the taxable amounts reported under the Building and Construction Industry requirements did not match the amount of assessable income disclosed for the relevant year.
The only issue is that they will rarely match. Why, because a business is required to calculate its assessable income on an accrual basis while the amounts reported to the ATO are on a paid basis.
More wasted time in explaining this to both the ATO and the client."