Difference between permanent differences and temporary differences
Permanent difference- These differences appear when revenue or expenses, any amount recognized for accounting profit, are not recognized for taxable profit.
Temporary differences- These differences arise when any revenue or expenses are recognized for accounting purposes. These expenses and revenues are treated as taxable income or allow deductions for tax purposes. Some differences are excluded according to AASB 112 paragraph 15 prevents recognized temporary differences concerning goodwill.
Originated and reversing aspects of temporary differences:-
The originated difference appears when carrying the number of assets or liability and the number of assets or liability recognized for the tax purpose. Difference between the book base and tax base of assets and liability.
Reversing difference appears when removing the temporary difference in the previous period and then removing related tax effect from the deferred tax account.
There are four types of temporary differences
Revenue that is taxable after recognized in financial Income- For example, a construction contract will be considered in financial reporting if some percentage of work is complete. For tax purposes, it should be complete construction rather than some percentage.
Expenses that are deductible after recognized in financial Income- Expenses accruing for financial reporting but cannot for the tax purpose are not deductible until they were incurred, for example, any cost for future expenses.
Revenue which is deductible before recognized in financial Income- Revenues which are recognized when they are earned for financial reporting because in financial reporting, follow accrual basis concept. But for tax purposes, it will be recognized when cash is received, for example, rental income.
Expenses that are deductible before recognized in a financial statement- These expenses are annually the same for the complete life of assets in financial reporting like the straight-line depreciation method. Still, we considered the method that recovered the maximum amount in the early years, like accelerated depreciation for tax purposes.
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