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The following information was taken from the financial statements of Simmental Ltd for the year ended 30 June 20X2.
Included in the Statement of Profit or Loss:
Income Tax Expense of $87,000
An extract from the draft Statement of Financial Position for the company is as follows:
30 June 20X2 30 June 20X1
$ $
Deferred tax assets 26,000 20,000
Current tax payable 66,000 86,000
Required:
Problem 1: Calculate the amount of tax paid by Simmental Ltd during the year ended 30 June 20X2.
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