Accounting for Income Tax - Current Tax Liability - Report Writing Assignment Help

Assignment Task:

Keendy brew is a special soft drinks manufacturing company, the product range includes root beer and other flavors. The company’s vision is “To proudly produce and sell extraordinarily fresh, healthy and delicious soft drinks to satisfy kids of all ages.” The company has a reputation for high quality and unique flavor, enabling it to sell soft drinks at a premium price to gourmet grocery stores in the Brisbane region. The company’s managers expect to expand the business to other geographic regions, and maintain its product quality with the sustainable development of the company.

Question 1: Accounting for Income Tax (suggested words count: approximately 300)

Please refer to the annual report of the ASX Company that has been allocated to your group (TELSTRA 2019)
Based on the annual report and the relevant notes, answer the following: 
a) What is the income tax expense included in the Income Statement for the year ended 30 June 2019? 
b) How/where and why does the Company recognize income tax expense? 
c) Identify two items to which the temporary differences in your company’s report can be attributed. 
d) What is the amount of income tax paid during the year ended 30 June 2019? 1 mark
e) Show any deferred tax asset or deferred tax liability (or both) disclosed in the statement of financial position as at 30 June 2019, including the amount of these balances. 
f)Explain why the current tax liability at the end of the reporting period may not equal the income tax expense for the period. Make reference to the amounts used in your Company’s annual report.  

g) Identify the key subsidiaries of the company. What is the amount of total non-controlling interests at 30 June 2019?

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