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Avondale Limited $($Avondale$)$ is preparing its current and deferred tax calculations for the year ended $30$ June $2024.$

The appropriate accounting treatment for the following items has already been correctly applied in the calculation of the accounting profit before tax for the year ended $30$ June $2024$ of $$5,000,000$ :

$\backslash$table$[[$Item$,$Description,Detalls,Tax treatment$],[1,\backslash$table$[[$Employee$],[$benefits$]],\backslash$table$[[$The profit includes $$420,000$ of employee benefits$],[$expense relating to annual leave. Annual leave paid$],[$during the year was $$200,000.]],\backslash$table$[[$Employee benefits for$],[$annual leave are tax$],[$deductible when paid.$]]],[2,\backslash$table$[[$Prepaid$],[$council rates$]],\backslash$table$[[$On $1$ April $2023,$ Avondale prepaid $$120,000$ in council$],[$rates for the $12$ months from $1$ April $2023$ to $31$ March$],[2024.$ The prepaid council rates asset was $$90,000$ at$],[30$ June $2023.],[$Avondale changed to monthly payments for its council$],[$rates from $1$ April $2024,$ paying $$11,000$ each month$],[$with payments made on the first day of the month.$]],\backslash$table$[[$The council rates are tax$],[$deductible when paid.$]]],[3,\backslash$table$[[$Interest$],[$revenue$]],\backslash$table$[[$The accounting profit includes interest revenue of$],[$$$360,000,$ of which $$110,000$ was accrued at $30$ June$],[2024.$ There is a $$110,000$ interest receivable balance$],[$at $30$ June $2024.$ There was no interest receivable$],[$balance at $30$ June $2023.]],\backslash$table$[[$The interest is assessable$],[$for tax purposes when$],[$received in cash.$]]],[4,\backslash$table$[[$Share issue$],[$costs$]],\backslash$table$[[$Share issue costs of $$500,000$ were paid on $1$ July$],[2022$ when Avondale raised further share capital from$],[$investors$.],[$These costs were correctly debited to the share capital$],[$account when paid.$]],\backslash$table$[[$A deduction is allowed for$],[$tax purposes over five$],[$years on a straight$-$line$],[$basis$.]]]]$

Additional information

The tax rate is $30\%.$

Avondale incurred a $$600,000$ tax loss in the year ended $30$ June $2023.$ It recognised a deferred tax asset $($DTA$)$ for the applicable amount relating to the losses, as it estimated that future taxable profits would be available in the year ended $30$ June $2024$ to use this tax loss. The prior year tax losses are treated as a tax deduction in the year they are used, resulting in decreased taxable income. It used the $$600,000$ tax loss in the current year.

Required

Calculate the current tax liability for Avondale at $30$ June $2024$ and prepare the required journal entry. Show your workings.

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