8.0Current tax liabilities

8.0 Current tax liabilities

Show the net of current tax assets (report as a negative) and current tax liabilities determined in accordance with the provisions of current Australian Accounting Standards and other mandatory professional reporting requirements.

• Current tax asset means the amount of current tax recoverable as at the reporting date.
• Current tax liability means the amount of current tax payable as at the reporting date.

Important!

No adjustments should be made to the tax account balances on the Statement of Financial Position when separating contributions tax from income tax expense. The only adjustments in relation to contributions tax which should be made are to SRF 200.0 Statement of Financial Performance item 20 ‘Income tax expense on net operating performance’.