30) The tax-payable method of accounting for income tax recognises only the deferred tax consequences (mainly tax obligations) of transactions and other economic events 31) A deductible temporary difference is expected to lead to the payment of more tax in the future. 32) 33) Under the tax-payable method, income tax expense for the period is the same amount as the income tax payable for the same period 34) 35) The rules for calculating accounting profit are the same as the rules for calculating taxable income. 36) 37) 38) AASB 112 defines the tax base as the amount that is attributed to an asset or a liability for tax purposes. 39) 40) A deferred tax asset is obtained when the taxable temporary differences are multiplied by 30%. 30) The tax-payable method of accounting for income tax recognises only the deferred tax consequences (mainly tax obligations) of transactions and other economic events 31) A deductible temporary difference is expected to lead to the payment of more tax in the future. 32) 33) Under the tax-payable method, income tax expense for the period is the same amount as the income tax payable for the same period 34) 35) The rules for calculating accounting profit are the same as the rules for calculating taxable income. 36) 37) 38) AASB 112 defines the tax base as the amount that is attributed to an asset or a liability for tax purposes. 39) 40) A deferred tax asset is obtained when the taxable temporary differences are multiplied by 30%