Mel Ltd has reported an accounting/net profit before income tax for the year ended 30 June 2021 of $645,000. Included in this profit are entertainment expenses (non-deductible) of $10,000. Mel Ltd also has accumulated tax losses carried forward of $60,000.On the basis of the above information, what is the tax payable of Mel Ltd for the year ended 30 June 2021 in accordance with the requirements of AASB112 Income Taxes?

To calculate the tax payable of Mel Ltd for the year ended 30 June 2021 in accordance with the requirements of AASB112 Income Taxes, follow these steps:

Step 1: Calculate the taxable income The taxable income is the accounting/net profit before income tax minus any non-deductible expenses. In this case, the non-deductible expenses are the entertainment expenses of $10,000. So, the taxable income is$645,000 - $10,000 =$635,000.

Step 2: Adjust for tax losses carried forward Tax losses carried forward can be used to reduce the taxable income. In this case, Mel Ltd has accumulated tax losses carried forward of $60,000. So, the adjusted taxable income is$635,000 - $60,000 =$575,000.

Step 3: Calculate the tax payable The tax payable is the adjusted taxable income multiplied by the tax rate. The tax rate is not given in the question, but in Australia, the corporate tax rate is typically 30%. So, the tax payable is $575,000 * 30$172,500.

So, the tax payable of Mel Ltd for the year ended 30 June 2021 in accordance with the requirements of AASB112 Income Taxes is $172,500.

To calculate the tax payable for Mel Ltd for the year ended 30 June 2021, we need to follow these steps:

1. Determine the taxable income: Start by taking the net profit before income tax, which is $645,000. Then, add back the non-deductible entertainment expenses of$10,000. This gives us a taxable income of $655,000.

2. Apply the tax losses: Mel Ltd has accumulated tax losses of $60,000. These losses can be used to reduce the taxable income. Subtract the tax losses from the taxable income to get the adjusted taxable income.$655,000 - $60,000 =$595,000.

3. Calculate the tax payable: The tax payable is calculated by applying the corporate tax rate to the adjusted taxable income. Assuming the corporate tax rate is 30% (this rate may vary depending on the jurisdiction), the tax payable would be 30% of $595,000, which equals$178,500.

So, based on the information provided and assuming a corporate tax rate of 30%, Mel Ltd's tax payable for the year ended 30 June 2021 would be $178,500.

Please note that this is a simplified calculation and actual tax calculations can be more complex, depending on the specific tax laws and regulations in your jurisdiction. Always consult with a tax professional or accountant for accurate tax calculations.