Assessment task:

Collect the latest annual report of an ASX listed company for the last 2 financial years. Please read the financial statements (balance sheet, income statement, cash flow statement) and notes attached to financial statements on income tax issues very carefully. Please remember some aspects of your firms treatment of its tax can be a very complicated area, particularly for some firms. Based on your understanding of the topic accounting for income tax and based on your reading of the collected annual reports, do the following tasks.

7. What is your firms tax expense in its latest financial statements?

2 > Is this figure the same as the company tax rate times your firms accounting income? Explain why this is, or is not, the case for your firm highlighting the reasons for differences.