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Every year, companies in Australia generally expect to have to pay part of their earnings...

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Accounting

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.

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

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