1. How is the tax base of an asset determined? 2 Marks 2. Explain why a temporary difference relating to an employee benefits in relation to long- service leave account creates a deferred tax asset? 3 Marks 3. A company has a depreciable non-current asset that cost $300 and has a carrying amount of $200. For tax purposes, accumulated depreciation amounts to $180. ho Required: 1. Assuming that the tax rate is 30 per cent, what is the amount of the temporary difference? 4 Marks 2. Does this give rise to a deferred tax asset or a deferred tax liability and what is the amount of the deferred tax asset/liability? 3 Marks