a$)$ Calculate the taxable income$/$tax loss and the current tax liability $($if any$)$ for the financial year ended $30$th June $2024.$ Prepare a journal entry to recognise the current tax liability$/$tax loss. Show working

b$)$ Calculate deferred tax asset and deferred tax liability balances as at $30$th June $2024.$ Prepare the deferred tax journal entries for the year ended $30$th June $2024.$ Show working

c$)$ Assume that by $1$ December $2024$ there was a change in tax rate to: $27\mathrm{.}50\%.$

With reference to AASB$112$ Income Taxes, discuss the accounting treatment of the deferred tax asset and deferred tax liability balances as at $1$ December $2024$ following a lower tax threshold for the financial year $2024-2025.$ Prepare the journal entries to record the effect of change in tax rate. Show working.

Additional Information:

Service revenue is tax assessable when it is received in cash

Prize money is not tax assessable

Doubtful debts are tax deductible when the company actually incurs bad debts$/$write off

For accounting purpose, the vehicle is depreciated using the annual straight line method at a rate of: $8\%$

For tax purpose, however, the vehicle is depreciated using the annual straight line method at a rate of: $6\%$

Depreciation of buildings is not allowed as tax deductions and patents are not tax assesable

Warranties are tax deductible when they are paid in cash to affected customers

insurance expense and maintenance expense are tax deductible when paid in cash

Government issued fine is not allowed as tax deduction

Assume a tax rate for the financial years ending $30$ June $2023$ and $2024$ to be: $30\%$