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Chapter 18 Key -The tax base of revenue received

1. The tax
base of revenue received in advance is equal to zero where the revenue received
is taxed in the reporting period that the revenue is received.

2. Deferred
tax assets are the amounts of income taxes recoverable in future periods that
arise from assessable temporary differences.

3. Deferred
tax assets may arise from amounts of income taxes recoverable in future periods
that arise from carry forward of unused tax losses.

4. The
balance sheet approach compares the carrying value with the tax base of the
assets and liabilities.

5. Non-deductible
expenses in the current or subsequent periods results in a deferred tax asset.

6. The
tax-effect of the temporary difference that arises from revaluation of
non-current assets is recognised in profit and loss.

7. It is
possible for a firm to legally make a large accounting profit but pay little or
no tax based on its taxable income.

8. Profit
for taxation purposes is determined in accordance with AASB 112.

9. The
difference between the carrying amount of an asset or liability in the balance
sheet and its tax base is a temporary difference.

10. There are
two types of temporary differences between the carrying value of assets and
liabilities and the tax base—assessable temporary differences and neutral
temporary differences.

11. The tax
figure calculated and recorded on the statement of comprehensive income is an
accurate reflection of the entity’s tax liability for the stated period.

12. The
balance sheet approach to accounting for taxation relies on comparing the
historical cost of an item with its appropriate tax base.

13. When the
carrying amount of an asset exceeds its tax base, the amount that will be
allowed as a deduction for tax purposes will exceed the amount of assessable
economic benefits.

14. Under AASB
112, where the carrying amount of an asset is less than the amount that is
economically recoverable, the deferred tax asset should be adjusted.

15. According
to AASB 112, with one exception, the tax base of a liability is to be
determined in the following manner: Carrying amount – Future deductible amount
+ Future assessable amount.

16. AASB 112
defines the tax base as the amount that is attributed to an asset or liability
for tax purposes.

17. Deferred
tax assets arise as a result of tax losses. In Australia losses incurred in
previous years can always be carried forward to offset taxable income derived
in future years.

18. When a
non-current asset is revalued the tax base is not affected as depreciation for
tax purposes will continue to be based on original cost.

19. When a
non-current asset is revalued, the recognition of future tax associated with an
asset that has a fair value in excess of cost, acts to reduce the amount of the
revaluation reserve.

20. AASB 112
required an entity to offset current tax assets and current tax liabilities if
the entity intends to realise the asset and settle the liability

21. A change
in tax rates does not require any change in the carrying amount of deferred tax
assets and deferred tax liabilities.

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