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Compute what is amount of current tax payable by young ltd

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Reference no: EM132754295

The accounting profit before tax for Young Ltd for the year ended 30 June 2020 was $100 000.

Additional information:

  • Plant was acquired by Young Ltd on 1 July 2019 for $350 000
  • For accounting purposes, plant is depreciated using the straight-line method over 2 years, to a residual value of nil.
  • For tax purposes, plant is depreciated using the straight-line method over 10 years, to a residual value of nil.
  • The tax rate is 30% per annum.

Required:

Problem 1: What is the amount of current tax payable by Young Ltd for the year ended 30 June 2020?

Reference no: EM132754295

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