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Compiled AASB Standard  AASB 112

Income Taxes

This compiled Standard applies to annual periods beginning on or after 1 January 2023 that end on or after 30 September 2023. Earlier application is permitted for annual periods beginning after 24 July 2014 that end before 30 September 2023. It incorporates relevant amendments made up to and including 14 September 2023.
Prepared on 23 October 2023 by the staff of the Australian Accounting Standards Board.
Compilation no. 7

Compilation date:  29 September 2023

Obtaining copies of Accounting Standards
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Victoria   8007
AUSTRALIA

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E-mail: standard@aasb.gov.au
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COPYRIGHT
© Commonwealth of Australia 2023
This compiled AASB Standard contains IFRS Foundation copyright material.  Reproduction within Australia in unaltered form (retaining this notice) is permitted for personal and non-commercial use subject to the inclusion of an acknowledgment of the source.  Requests and enquiries concerning reproduction and rights for commercial purposes within Australia should be addressed to The Managing Director, Australian Accounting Standards Board, PO Box 204, Collins Street West, Victoria 8007.
All existing rights in this material are reserved outside Australia.  Reproduction outside Australia in unaltered form (retaining this notice) is permitted for personal and non-commercial use only.  Further information and requests for authorisation to reproduce IFRS Foundation copyright material for commercial purposes outside Australia should be addressed to the IFRS Foundation at www.ifrs.org.

Contents

COMPARISON WITH IAS 12
ACCOUNTING STANDARD
AASB 112 INCOME TAXES

from paragraph
Objective
Scope 1
Definitions 5
Tax base 7
Recognition of current tax liabilities and current tax assets 12
Recognition of deferred tax liabilities and deferred tax assets
Taxable temporary differences 15
Business combinations 19
Assets carried at fair value 20
Goodwill 21
Initial recognition of an asset or liability 22
Deductible temporary differences 24
Goodwill 32A
Initial recognition of an asset or liability 33
Unused tax losses and unused tax credits 34
Reassessment of unrecognised deferred tax assets 37
Investments in subsidiaries, branches and associates and interests in joint arrangements 38
Measurement 46
Recognition of current and deferred tax 57
Items recognised in profit or loss 58
Items recognised outside profit or loss 61
Deferred tax arising from a business combination 66
Current and deferred tax arising from share-based payment transactions 68A
Presentation
Tax assets and tax liabilities
Offset 71
Tax expense
Tax expense (income) related to profit or loss from ordinary activities 77
Exchange differences on deferred foreign tax liabilities or assets 78
Disclosure 79
International tax reform—Pillar Two model rules 88A
Effective date 89
Withdrawal of