Calculate the taxable income$/$tax loss and the current tax liability $($if any$)$ for the financial year ended $30$ June $2024.$

Prepare a journal entry to recognise the current tax liability$/$tax loss.

Calculate deferred tax asset and deferred tax liability balances as at $30$ June $2024.$

Prepare the deferred tax journal entries for the year ended $30$ June $2024.$

Note that you are NOT required to prepare journals to offset the deferred tax asset and deferred tax liability balances.

Show your calculation using deferred tax worksheets by creating separate columns for:

carrying amount, tax base, taxable temporary differences and deductible temporary differences.

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 $2024-2025$ financial year.

Prepare the journal entries to record the effect of change in tax rate.

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 workings

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 workings

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 workings.