WorksheetsDeferred tax PGDA671
Total questions: 12
Worksheet time: 9mins
Deferred tax relates to the future tax consequences that will arise from the future recovery of assets and the settlement of liabilities.
True
False
VAT is included within the scope of IAS 12.
True
False
The definition of the tax base of an asset is the amount that will be deductible for tax purposes
True
False
The tax base of debtors is 0
True
False
Income received in advance is an exception to the definition of the tax base of a liability.
True
False
A taxable temporary difference results in a deferred tax liability.
True
False
The sale intention for investment property can never be rebutted.
True
False
The tax base of a right-of-use asset will always be 0
True
False
Deferred tax should be discounted and split between its non-current and current portion.
True
False
Revalued asset + No wear and tear + use intention = Full deferred tax balance is exempt
True
False
Only the above cost portion will be taxed at the effective CGT rate if intention is sale.
True
False
What concept of deferred tax did you struggle with in previous years?
