On 1 July 2018, Myers Ltd was incorporated. The accounting profit and other relevant information of Myers Ltd for the years to 30/6/2019 are as follows:

2019

Profit before tax$550 000

Long service lease (LSL) expense$90 000

Long service lease (LSL) paid__

Provision for LSL - tax base__

Provision for LSL - carrying amount$90 000

The beginning balances of both the deferred tax asset and deferred tax liability accounts are zero. Long service lease is deductible when it is actually paid. The company tax rate is 30%.

Required Calculate the current and deferred tax of Myers Ltd and prepare the required tax journal entries for each year ended 30/6/2019.