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COAFA3-11 Assessments (2025)
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Unpaid expenses are shown in a company's statement of financial position as a current liability of R60 000. These expenses have already been deducted when computing accounting profit but will not be deducted for tax purposes until they are paid. Assuming that the company pays tax at 27%, the resulting deferred tax asset or liability is:
(2 Marks)
An item of property, plant and equipment is shown in a company's statement of financial position at its carrying amount of R840 000. For tax purposes, the item's tax base is R1 220 000. The residual value of the item at the end of its useful life is expected to be Rnil.
Assuming that the company pays tax at 28%, the resulting deferred tax asset or liability is:
(1 Mark)
A company's estimate of its current tax liability for the year to 31 December 2021 differed from the actual tax liability by R15 000. This resulted in a credit balance of R15 000 being shown in the company's trial balance as at 31 December 2021. The current tax liability for the year to 31 December 2022 is estimated to be R345 000.
The current tax expense which should be shown in the statement of comprehensive income for the year to 31 December 2022 is:
(2 Marks)