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The accounting profit before tax of Sahara Ltd for the year ended 30 June 2020 was $150 000. The following information is taken from the
The accounting profit before tax of Sahara Ltd for the year ended 30 June 2020 was $150 000. The following information is taken from the financial statements for Sahara Ltd for the year ended 30 June 2020 Extract from the Income statement was as follows: Government grant (non-taxable) $ 50 000 Depreciation expense - plant $ 20 000 Long service expense $ 10 000 The draft statement of financial position as at 30 June 2020 included the following assets and liabilities: 2020 ($) 2019 ($) 50 000 30 000 200 000 0 Cash Plant Accumulated depreciation - plant Deferred tax asset Provision for long service leave Deferred tax liability 200 000 (20 000) ? 30 000 0 50 000 ? Additional information: The tax depreciation rate for plant is 20% per annum using the straight-line method. The tax rate is 30% Required: a) What is the amount of Current Tax Payable by Sahara Ltd for the year ended 30 June 2020? Please provide a numerical value without any sign ($. + or -) or space. (3 marks) b) What is the amount of Deferred Tax Liability that would be recognised by Sahara Ltd in their statement of financial position at 30 June 2020? Please provide a numerical value without any sign ($. +or) or space. (3 marks) What is the amount of Deferred Tax Asset that would be recognised by Sahara Ltd in their statement of financial position at 30 June 2020? Please provide a numerical value without any sign ($.+ or -) or space
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