Would incurring a loss for tax purposes lead

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Reference no: EM133561090

Question: Every year, companies in Australia generally expect to have to pay part of their earnings to the Australian government in the form of income tax. However, the amount paid for a year is rarely the amount reported as income tax expense in the statement of profit & loss and other comprehensive income for that year.

would incurring a loss for tax purposes lead to the recognition of a tax-related asset in the financial statements? why?
what action should be taken when a tax rate changes? why

Reference no: EM133561090

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