Question - Current and deferred tax and disclosure
The following data were obtained for Maroon Ltd:
1. Deferred tax liability on 1 July 2010, $90000
2. Deferred tax asset on 1 July 2010, $15000
3. Taxable Income for the year ended 30 June 2011, $150000
4. Cumulative taxable temporary difference as at 30 June 2011, $306000
5. Cumulative deductible temporary differences as at 30th June 2011, $70000
6. No other differences exist.
7. Tax rate is 30%
8. The company is expected to conduct profitable operations in the future
Required: Calculate accounting profit before tax for the year ended 30 June 2011.