Gustav Ltd commenced operations on 1 July 2011 and presents its first statement of comprehensive income for the year ending 30 June 2012 and first statement of financial position as at 30 June 2012 as follows:
Statement of Comprehensive Income for the year ending 30 June 2012
Depreciation Expense - Plant
Long Service Leave Expense
Accounting Profit Before Tax
(i) Calculate the taxable profit for the year ending 30 June 2012 showing all workings.
(ii) Prepare the accounting for tax journal entry for the year ending 30 June 2012 to account for current tax consequences for the year.