Financial Sector (Collection of Data) determination No. 39 of 2005 - Reporting Standard ARS 323.0 (2005) - Statement of Financial Position (Licensed ADI)
6. Income tax liability6. Income tax liability
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Turn the raw legal text into a practical explanation grounded in Financial Sector (Collection of Data) determination No. 39 of 2005 - Reporting Standard ARS 323.0 (2005) - Statement of Financial Position (Licensed ADI).
6. Income tax liability
6.1. Provision for income tax
This is defined in accordance with AASB 1020 ‘Accounting for Income Taxes’. In addition, this should relate to Australian business operations.
6.2. Provision for deferred income tax
This is defined in accordance with AASB 1020 ‘Accounting for Income Taxes’. In addition, this should relate to Australian business operations.
6.3. Total income tax liability
Sum the income tax liability items relating to Australian business operations.