Select three companies listed on the ASX from different industries; for example, Telstra Corporation, Woolworths, and Fortescue Metals. Go to www.asx.com.au and find the most recent annual financial report of the three companies.

Compare the information relating to income tax in the financial statements and report your findings to class. The presentation should address the following:

• The income tax expense included in the profit or loss for the year

• Any income tax included in other comprehensive income

• The current and deferred tax components of income tax expense

• Whether a deferred tax asset or deferred tax liability or both is disclosed in the statement of financial position and the magnitude of these balances.