he following information relates to Oz Ltd for the year ended 30 June 2022.Accounting profit before income tax: $150,000Fines and penalties: $10,000Depreciation expense of plant (accounting:) $20,000Depreciation expense of plant (tax): $30,000Government grant $15,000Income tax rate 30% On the basis of the above information, the current tax liability of Oz Ltd for the year ended 30 June 2022 is:Group of answer choices$37,500$45,000$40,500$43,500

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?

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

A company commenced business on 1 July 2022. On 30 June 2023, an extract of the statement of financial position prepared for internal purposes, but excluding the effect of income tax, disclosed the following information:  AssetsLiabilitiesCash$20,000Accounts Payables$50,000Inventories60,000Provision for annual Leave8,000Plant200,000  Accumulated Depreciation(20,000)   Additional information:  The plant was acquired on 1 July 2022. Depreciation for accounting purposes was 10% (straight-line method), while 20% (straight-line) was used for tax purposes. The tax rate is 30%.The deferred tax liability and deferred tax asset are:Group of answer choicesDTL = $2,400 and DTA = $6,000DTL = $20,000 and DTA = $8,000DTL = $8,000 and DTA = $20,000DTL = $6,000 and DTA = $2,400

For the year ended 30 June 2012 Miranda Ltd has the following information:Revenues:$939,000Expenses (excl. Depreciation):$424,000The firm’s only asset is a machine which cost $59,000.  The machine is depreciated over 4 years for tax purposes and 4 years for accounting purposes   Tax rate is 30%The tax entry ay 30 June 2012 is as follows:Dr. Income tax expenseaa Cr. Income tax payable bbCr. Deferred tax liability ccCalculate and enter the amount of cc in the answer block below:

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