The following information relates to Newtown Limited for the year ended 30 June 2015. Accounting profit before income tax (after all expenses have been included) $250000. Fines and penalties (not tax deductible) $11000. Depreciation of plant (accounting) $40000. Depreciation of plant (tax) $ 90000. Long - service leave expense (not a tax deduction until the leave is paid) $24000. Income tax rate 30%. No employee has been paid long - service leave in the current year. On the basis of this information the current tax liability is:
The following information relates to Newtown Limited for the year ended 30 June 2015. Accounting profit before income tax (after all expenses have been included) $250000. Fines and penalties (not tax deductible) $11000. Depreciation of plant (accounting) $40000. Depreciation of plant (tax) $ 90000. Long - service leave expense (not a tax deduction until the leave is paid) $24000. Income tax rate 30%. No employee has been paid long - service leave in the current year. On the basis of this information the current tax liability is:
Chapter1: Financial Statements And Business Decisions
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