Ikey,Really mate, You haven't got a clue at what you are talking...

Ikey,

Really mate, You haven't got a clue at what you are talking about. And the more you are opening your mouth the deeper the hole that you are digging yourself in.

Go and ask your accountant a little bit about it, instead of keep on guessing and making unsabstantiated comments in a public forum, roflmao.

I am glad that you are only talking on a Forum where we are all incognito lol. Otherwise you would be in serious trouble.

It is very obvious that you are still going to school and show the "I know all" attitude.

This comment of yours :"For the love of god, can you explain to me how to do my taxes on an accrual basis?", really proves the ignorance of the facts that you are talking about. And if you are still going to school and earn a miniscule taxable income mind you, then you will not need to lodge a tax return on an accrual basis.
And as for :"Accruals basis applies to large corps who carry items such as DTA's and DTL's (deferred tax liabilities and deferred tax assets) these ofsett the ITE ( income tax expense)", again Ikey, it really proves that you know nothing at all about Accounting and Taxation Laws.

Tell you what. You and I will get together with a few of the forum posters as witnesses, and show our qualifications. Then the looser will pay all the return flights back to the winner, plus all the OPE including accomodation. By the way, I only fly business or first class where available.

If you are ready to take this offer on, let me know and I will oblige.

One more thing Ikey, you also asked me:"Please elaborate on how i do my taxes via accruals methodology, as this is interesting".
Yes mate, I will show you. But I will charge you my fees for doing it. If you can afford them that is. But you may have never heard of Debtors and Creditors either so I may have to teach you that part as well, at a fee.

Finally, and to clear one thing in regard to my reply to thermionic. How am I to know if thermionic is just a small investor with a few dollars invested in the sharemarket, or he is a professional trader, or if he runs a business as well on the side of his investing that may need stocktakes, Depreciation Schedules, and/or Debtors and Creditors in order to complete his financials and subsequent Tax Return at the end on the financial year. Hence why I suggested he/she goes and talk to his/her Accountant. If I was to have all his documents in front of me, I could make an informed decision. But definitely not when I haven't got sufficient information at my finger tips.

STOP BAITING IKEY, and learn to play the ball and not the player.