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 selected companys 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, complete the following tasks in a written report;

a)What is commonwealth bank tax expense in its latest financial statements?

b) Is this figure the same as the company tax rate times, commonwealth bank accounting profit? Explain why this is, or is not, the case and highlights the reasons for differences.

c) Identify the deferred tax assets/liabilities that is reported in the balance sheet articulating the possible reasons why they have been recorded.

d) Is there any current tax assets or income tax payable recorded by commonwealth bank? Why is the income tax payable not the same as income tax expense?

e) Is the income tax expense shown in the income statement same as the income tax paid shown in the cash flow statement? If not, why is the difference?

f) What do you find interesting, confusing, surprising or difficult to understand about the treatment of tax in commmonwealth financial statements? What new insights, if any, have you gained about how companies account for income tax as a result of examining your selected companys tax expense in its accounts?