The following information is provided for Able Ltd:Taxable income for the year is $400,000There was an increase in deferred tax asset for the year of $80,000There was a decrease in deferred tax liability for the year of $30,000There was a gain on revaluation of plant (before tax) of $90,000Tax rate is 30%What is the income tax expense of Able Ltd for the year in accordance with the requirements of AASB112 Income Taxes?

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?

For the year ended 30 June 2020, Marshall Ltd (Marshall) had an accounting profit of $200 000 and a taxable profit of $170 000. The tax expense of Marshall for the year ended 30 June 2020 was $60 000. At 30 June 2020 it was determined that the company had a deferred tax liability of $27 000. Assume that there was no deferred tax asset at the beginning or end of the period.The tax rate is 30 per cent.Which of the following statements is correct in accordance with AASB 112 Income Taxes?Group of answer choicesThe deferred tax expense for the year ended 30 June 2020 was $27,000.The current tax expense for the year ended 30 June 2020 was $33,000.The deferred tax liability as at 30 June 2019 was $18,000.The deferred tax liability as at 30 June 2019 was $0.

In the previous year, SAM Ltd had made a tax loss of $60,000 for which it had recognized a deferred tax asset. The taxable profit for the current year before recoupment of tax loss is $250,000. SAM Ltd had claimed exempt income of $40,000 in calculating its current taxable profit. Ignore all other temporary differences. Tax rate is 30%. What is the current tax liability of SAM Ltd after recoupment of the tax loss?Group of answer choices$69,000$39,000$75,000$12,000

Which of the following statements is correct in accordance with AASB 112 Income Taxes?Group of answer choicesCurrent tax expense is the sum of tax expense plus deferred tax expense.All movements in deferred tax assets and liabilities are recognised in the income statement.Deferred tax liabilities are determined from taxable and deductible temporary differences.Tax expense is the sum of current tax expense plus deferred tax expense.

Which of the following items is NOT required to be disclosed in accordance with AASB 112 Income Taxes?Group of answer choicesan explanation of the relationship between tax expense and each component of other comprehensive income.the amount of any benefit arising from a previously unrecognised tax loss.for each type of temporary difference and in respect of each type of unused tax loss the amount of deferred tax asset or deferred tax liability that has been recognised in the statement of financial position.income tax relating to each component of other comprehensive income.