At 30 June, Lumet SA has a year-to-date profit before tax of 1,800,000. It estimates that the weighted average annual effective tax rate for the year will be 27 % (estimated rate: case data, not imposed by the Standard). In the first quarter, it recognised 216,000 of income tax expense. Calculate the year-to-date income tax expense at 30 June and the income tax expense of the second quarter (deferred tax excluded: case convention).
- Year-to-date profit before tax at 30 June
- 1,800,000
- Estimated annual effective rate (case data)
- 27 %
- Income tax expense already recognised in the first quarter
- 216,000