(a)

The recognition of current tax under AASB112 Income Taxes is based on the following.

		The amount of income tax payable to, or receivable from, the taxation authorities at the end of the current period.
		The total income tax expense for the current period.
		The prima facie tax on accounting profit before tax for the current period.
		The tax on taxable profit of the current period that is due to the taxation authorities including amounts paid during the period and amounts payable or receivable at the end of the period.

(c)

Accounting profit before income tax (after all expenses have been included)	$340,000
Fines and penalties (not tax deductible)	15,000
Depreciation of plant (accounting)	40,000
Depreciation of plant (tax)	80,000
Long-service leave expense (not a tax deduction until the leave is paid)	20,000
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:

		$100,500.
		$335,000.
		$136,500.
		$124,500.

During the year ended 30 June 2023 Smack Ltd, pays quarterly PAYG tax instalments as follows:

$5,000 on 27 July 2022 (Final payment for 30 June 2022). $2,000 on 27 October 2022 (1st payment for 30 June 2023). $8,000 on 27 February 2023 (2nd payment for 30 June 2023). $10,000 on 27 April 2023 (3rd payment for 30 June 2023).

(b) On 30 June 2023, Smack Ltd determines its total current tax liability for the year to be $28,000.

The final tax instalment for the year will be a:

		Refund of $3,000.
		Payment of $28,000.
		Payment of $3,000.
		Payment of $8,000.