Please rewrite: Summarise to 200 words, please.. No AI

I plan to defend my stance and explain to the board how a group structure pays corporate tax. The income tax expenditure's financial statements must display the income tax amount owed to the tax authorities regarding the taxable profit or loss for the period, as well as any changes from previous periods. The Australian Accounting Standards Board (AASB) establishes guidelines for accounting for income taxes under AASB 112, "Income Taxes." (Australian Accounting Standards Board, 2015: Income taxes). A third or so of the largest Australian firms do not pay income tax. Framework: According to AASB 112, firms must include both current and deferred tax obligations in addition to assets when calculating the amount of income tax payable. Tax-deferred obligations, on the other hand, are the total taxes that an entity anticipates having to pay or recoup for taxable earnings or losses in subsequent periods, as opposed to current tax obligations (Deegan, 2020).

A consolidated financial statement (Deegan, 2020) is created when there is a group structure. It displays the total taxable profit or loss of all the entities in the group and indicates that the tax of each entity is determined before the applicable law. In this case, a holding corporation owns subsidiaries or other entities. (By 2022).

By using tax planning techniques, group structures can benefit from any tax breaks offered by the nation in which they conduct business, such as exemptions, lower tax rates, and deductions. Through efficient group structure and operations, corporations can reduce their total tax liability (Fletcher, 2022)

Thus, I will recommend that the board consolidate as a group to push for benefits such as the lodgements of a single tax return for the group and consolidated PAYG instalment (Costs and Benefits 2016). This will lower the administration and compliance costs of such tasks. However, there is a need to take into consideration the cost of group consolidation. High costs include initial costs of software, legal fees, the cost of obtaining information and correlated costs, and cost-sharing responsibilities of the tax return.

A group structure integrates the financial outcomes of all companies inside the group through consolidated financial accounts computes income tax payable or refundable about taxable earnings or loss, and pays corporate tax by using TaxPlaining. The entire economic group structure should be included when determining tax obligations as it reduces the percentage of organizations with no outstanding taxes.