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