The following information relates to Godfrey Limited for the year ended 30 June 2014:

• Accounting profit before income tax (after all expenses have been included) $300000
• Fines and penalties (not tax deductible) 20000
• Depreciation of plant (accounting) 40000
• Depreciation of plant (tax) 100000
• Long-service leave expense (not a tax deduction until the leave is paid) 8000
• Income tax rate 30%

On the basis of this information the current tax liability is:

2) Which of the following disclosures are optional under AASB 112?

Select one:

a. The major components of income tax expense.

b. The aggregate current tax or deferred tax that arises relating to items that are charged or credited directly to equity.

c. The amount of deductible temporary differences and unused tax losses, for which no deferred tax asset is recognised in the statement of financial position.

d. A numerical reconciliation between the average effective tax rate and the applicable tax rate, disclosing also the basis of calculating the applicable tax rate.