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What is the amount of current tax payable by Young Ltd

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Reference no: EM132634072

Question - The accounting profit before tax for Young Ltd for the year ended 30 June 2020 was $800,000

Additional information:

Plant was acquired by Young Ltd 2 years ago for $800,000.

For accounting purposes, plant is depreciated at $50,000 per year.

For tax purposes, plant is depreciated at $80,000 per year.

The tax rate is 30% per annum.

Required - What is the amount of current tax payable by Young Ltd for the year ended 30 June 2020?

Reference no: EM132634072

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