Tax Rate Analysis of JB Hi- Fi, Harvey Norman, and Flexi Group

The assignment content discusses the tax rates of three companies - JB Hi- Fi, Harvey Norman, and Flexi Group - in their respective financial years (2018). The effective tax rate is computed by dividing the income tax expense by earnings before tax. The cash tax amount is also analyzed for each company. It was found that Flexi Group has a higher cash tax rate compared to the other two companies. Additionally, the assignment provides references from various academic and professional sources on topics such as corporate reporting, accounting, finance, and sustainability.

Corporate Accounting

EXECUTIVE SUMMARY
With the ramified change, each and every company needs to pay off tax to the
government. This report reveals the key financial information of three Australian listed
companies operating in the electronic and telecommunication industry. The cash flow
statement of company showcase the inflow and outflow of these three companies from the
investing, financial and operating activities. The equity shareholding capital of these
companies has been increased throughout the time. However, Harvey Norman has faced high
increment in its share capital due to the issue of more capital. In addition to this, the tax rate
on which tax is being paid by the company is also way too high as compared to other two
rival companies. In addition to this, it is considered that a company can never have deferred
tax assets and deferred tax liabilities in its books of account at the same time.

Table of Contents
EXECUTIVE SUMMARY...................................................................................................................2
INTRODUCTION.................................................................................................................................5
OWNERS’ EQUITY.............................................................................................................................6
The answer to the question- (i).............................................................................................................6
LISTING OF ITEMS OF EQUITY............................................................................................................6
Evaluation of the equity items of the all these three companies......................................................7
Answer to the question- (ii)...................................................................................................................9
Answer to the question- (iii)..................................................................................................................9
COMPARATIVE ANALYSIS OF DEBT AND EQUITY...............................................................................9
Changes in Cash Flow Statement.........................................................................................................10
Answer to the question- (iv)................................................................................................................10
UNDERSTANDING OF THE MAIN ACTIVITIES OF CASH FLOW STATEMENT AND THE CHANGES IN
THE CASH FLOW ACTIVITIES OF VOTH THE COMPANIES OVER THE PAST YEAR..............................10
Answer to the question-- (v)................................................................................................................17
Comparative analysis of three cash flow activates of three companies..........................................17
Answer to question no- (vii)................................................................................................................18
COMPARATIVE ANALYSIS OF INSIGHTS OF COMPANY....................................................................18
Comprehensive income statement......................................................................................................19
Answer to question no-- (vii)...............................................................................................................19
Reported items in the comprehensive income statement of these three companies................19
Comprehensive income statement of JB HI-FI Company.................................................................19
Comprehensive income statement of Harvey Norman Company...................................................20
Comprehensive income statement of Flexi Group..........................................................................20
Answer to question no- (viii)...............................................................................................................21
Reason to record these items in the Comprehensive income statement........................................21
Answer to question no- (ix).................................................................................................................21
Comparative analysis of these items shown in the comprehensive statement and its impact on the
profit and loss account....................................................................................................................21
Answer to question no- (x)..................................................................................................................22
Evaluating the performance of manager.........................................................................................22
Accounting recorded for income tax...................................................................................................22
Answer to question no- (Xi).................................................................................................................22

Tax expenses of these three companies..........................................................................................22
Answer to question no- (xii)................................................................................................................23
Computation of the effective tax rate.............................................................................................23
Answer to question no- (xii)................................................................................................................23
Deferred tax liabilities and assets recorded.....................................................................................23
Answer to question no- (xiii)................................................................................................................24
CHANGES IN THE DEFERRED TAX ASSET OR LIABILITY.................................................................24
Answer to question no- (xiv)................................................................................................................24
CASH TAX AMOUNT.........................................................................................................................24
Answer to question no- (xv) and (xvi)..................................................................................................25
Computation of the tax cash rate....................................................................................................25
Answer to question no - (xvii)..............................................................................................................26
CASH TAX RATE VS BOOK TAX RATE................................................................................................26
CONCLUSION...................................................................................................................................27
REFERENCES....................................................................................................................................28

INTRODUCTION
Financial analysis is used to assess the financial performance of company. In this
report, three companies have been selected for the financial analysis purpose. It has become
easy for the investors to assess the financial data of these companies. In this report, JB Hi-Fi,
Harvey Norman and Flexi Group Limited Company have been selected for evaluating the
inflow and outflow of cash and recording of the tax transactions in the books of account of
company. These all three companies are Australian listed companies. In the starting of this
report, assessment of the cash flow statement of these three companies have been analysed.
After that equity capital changes and recording of the tax in the books of account have been
done. In the end, description related to recording of the deferred tax assets and deferred tax
liabilities have been evaluated. Afterward, assessment of the compressive income statement
of three companies have been analysed which will help in changes in the profitability of
company throughout the three years. In the end of this report, evaluation of the tax rate of
these three companies have been assessed to determine which company is imposed high tax
rate and paying high tax to the government. This report has divulged the key financial
information of these three companies and evaluating the possible changes since last three
years.
JB Hi-Fi
Company
Harvey Norman
Company
Flexi
Group
Limited
BUSINESS This company is
indulged in
selling retail sale
of products like
DVD, CD and
video games and
mobile phone
sales business.
This company is
operating in the
bedding,
communication and
device electrical and
furniture business.
.
This
company is
focusing on
the
business
process for
the retail
sale of

products
like DVD,
CD and
video
games and
mobile
phone sales
business
BUSINESS
OPERATION
This business is
focusing on the
shopping center
to offer electronic
services in
Melbourne.
This business is
operating its business
through the franchise
program
It has
several
shopping
center and
having
online
portals to
sell its
products
and
services
through an
online
portal.
OWNERS’ EQUITY
Answer to the question- (i)
LISTING OF ITEMS OF EQUITY
SHAREHOLDERS Common Other Retained Accumulated
other
Total
stockholders

’ EQUITY stock equity earnings comprehensiv
e income ' equity
JB HI-FI LIMITED
44170000
0
3910000
0 463200000 3600000 947600000
HARVEY
NORMAL
LIMITED
38838100
0 199000 233724100
0 185185000 2911006000
Flexi Holding
limited 6124000 491000 2475000 5125224 6124000
Evaluation of the equity items of the all these three companies
Details Description of the equity
Common Stocks It is analysed that common stock is the
components of the stakeholders which is
accompanied with the voting rights. These
Common stocks are traded on the stock
exchange and used by stakeholders to invest
their capital in the particular company.
Ideally, common stocks are divided into
following parts such as preference share and
equity shares (Dyreng, et al. 2017). Equity
shareholders are eligible for the return and
participate in the general meeting for voting
purpose. Preference shareholders are the
shareholders who has preference to take
dividend from the company before the

dividend issued to equity shareholder.
The common stock of these companies
increases with the issue of more equity
capital. In case of Harvey Norman, JB Hi-Fi
Company both share capital has increased
with the increase in the share capital.
Other share capital Other equity share capital is accompanied
with the several options such as share
warrant, share tickets and documents which
are issued in market apart from the equity
share capital. In all three cases, company do
not have other share capital.
Retained earning Retained earnings is associated with the
profit earning profit of company. The
retained earning It is accompanied with
accumulated profit of the company.
In all of these three companies, retained
earnings of company has increased. IN case
of JB HI- FI company 12% increment in
seen in retained earnings since last three
years. Harvey Norman Company has
increased its retained earnings by 15% since
last three year. In case of Flexi Company, it
has increased by 22% since last three years.
Accumulated other comprehensive income It is related to the gain and losses that have
been realised. This comprehensive income
cannot be shown as an integral part of the
profit and loss. However, it is shown under

the separate heading of the accumulated and
comprehensive income. (Miao,, Teoh, &
Zhu2016).
Answer to the question- (ii)
List each item of liability reported and write your understanding of each item.
Liabilities Current
Liabilities
Long
term
debts
Provision
Total non-
current
liabilities
Total
liabilities
JB HI-FI LIMITED 51253510 22545212 551000 3822000 1544100000
HARVEY NORMAL
LIMITED 388000 1800000 21540000 15822200 1666636000
Flexi Holding limited 1088000 930900 481000 979000 1159000
Answer to the question- (iii)
COMPARATIVE ANALYSIS OF DEBT AND EQUITY
The debt and equity of company is capital structure of company. The debt capital is long
term capital of company. The capital structure of these companies are associated with the
long term debt capital and equity capital company. In case of JB Hi-Fi Company, debt to
equity capital has increased by 13% since last three years. It has shown that equity share
capital of company has increased which has also strengthen the debt to equity capital of
company. In case of Harvey Norman Company, debt to equity capital of company has
increased by 18% since last three year. It is analysed that Flexi Company has decreased its

debt to equity ratio by 8% due to the decrease in its equity capital (Mullinova, and
Simonyants, 2016).
Company Total debt Total equity
Debt-equity ratio
FORMULA= Debt
Equity
JB Hi- FI Company 1544100000 947600000 1.62
HARVEY NORMAN
LIMITED 1666636000 2911006000 0.57
Flexi Group Limited 1159000 6124000 .75
This above given table reflects the changes in the debt to equity of company. It is analysed
that Harvey Norman has kept .57 points. However, in case of these three companies, debt to
equity capital of JB Hi-Fi Company is way too high. It is evaluated that Harvey Norman has
lowest debt to equity capital. In case of Flexi group Company, debt to equity has increased
to .75 points which is 20% higher as compared to last year data (Rogoff, 2017).

Changes in Cash Flow Statement
Answer to the question- (iv)
UNDERSTANDING OF THE MAIN ACTIVITIES OF CASH FLOW STATEMENT
AND THE CHANGES IN THE CASH FLOW ACTIVITIES OF VOTH THE
COMPANIES OVER THE PAST YEAR
Cash flow statement of the company is divided into operating, investing and financing
activities. The two tables is shown for the cash flow of these three companies in different
activities.
 It is analyzed that acquisition of the assets in the different property and assets have been
acquired by the company. The cash flow for the acquisition of assets is shown in the
investment activities of these three companies (Epstein, 2018).
 The cash receipt for the sale of land and building is discussed in the investing activities.
 Cash sales to clients will also strengthen the flow of capital in operating activities.
 Payment provided to suppliers will reduce the cash in operating activities.
 Cash received by selling shares will be made in the financial activities of the company
(Warren, & Jones, 2018).
JB HI-FI LIMITED
CASH FLOW STATEMENT
PARTICULARS 2018 ($ IN
000,000)
2017 ($ IN
000,000)
CASH FLOWS USED OR
GENERATED BY THE INVESTING
ACTIVITIES

Payment is done for a business
combination (net basis) - -836.6
Acquisition of plant & equipment -54.4 -49.1
cash receipt for sale of plant &
equipment 0.4 0.2
CASH USED BY INVESTING
ACTIVITIES -54.4 -885.5
percentage of change 93.85%
CASH FLOWS USED OR
GENERATED BY THE OPERATING
ACTIVITIES
Receipt of money from customers 7551.9 6205.5
Payments provided to employees and
suppliers -7130.5 -5908.8
Receipt of interest 0.5 1.7
Payment of interest and other related
finance costs -15 -9.3
Payment of income taxes -114.8 -98.5

CASH PROVIDED BY
OPERATING ACTIVITIES 292.1 190.6
percentage of change 53.25%
CASH FLOWS REPORTED BY
FINANCING ACTIVITIES
Cash received by the issuance of shares 3 395.9
Repayment or proceeds by the issuance
of new borrowings -89.7 450
Payment for issue costs of debt -0.8 -1.7
Cost of the share issue - -9.2
Dividend payment made to the
company’s owners -151.6 -119.1
CASH USED OR PROVIDED BY
THE FINANCING ACTIVITIES -239.1 715.9
percentage of change -133.40%
HARVEY NORMAN HOLDINGS LIMITED
CASH FLOW STATEMENT

PARTICULARS 2018 ($ IN
000,000)
2017 ($ IN
000,000)
CASH FLOWS USED OR
GENERATED BY THE
INVESTING ACTIVITIES
Payment for purchasing unit trusts’
units and other investments -0.2 -0.7
Acquisition of plant & equipment &
intangible assets -89.4 -68.2
Acquisition of investment property -114.8 -64.3
cash generated from the sale of
plant & equipment 28.6 9.1
Payment for purchasing equity
accounted investments -8.9 -25.3
Receipt from sale of listed securities - 0.1
Purchase of listed securities -6.5 -0.1
Grant of loans to joint ventures,
joint venture partners, and unrelated
entities
-7.6 -30.4

CASH USED BY INVESTING
ACTIVITIES -198.8 -179.9
percentage of change -10.51%
CASH FLOWS USED OR
GENERATED BY THE
OPERATING ACTIVITIES
Receipts of money from franchisee 882.5 949.2
Receipts of money from customers 1992.9 1932.4
Payments made to employees and
suppliers -2252.9 -2267.6
Receipt of distributions from the
joint venture 11.5 10.6
Payment of GST expense -44.6 -52.2
Receipt of interest amount 5 7.6
Payment of interest and other
finance costs -19.4 -28.8
Payment of income taxes -152.5 -115.5
Receipt of dividend income 2.7 2.1

CASH PROVIDED BY
OPERATING ACTIVITIES 425.1 437.7
percentage of change -2.88%
CASH FLOWS REPORTED BY
FINANCING ACTIVITIES
Cash receipt of money on an issue
of shares 1 5
Repayment or proceeds of
borrowings -15.3 0.3
Proceeds of money from syndicated
facilities 70 -
Loan received or repaid to related
parties 2.1 -45.9
Dividend payment made to the
company’s owners -345 -266.9
CASH USED BY THE
FINANCING ACTIVITIES -287.1 -307.4
percentage of change 6.60%

Operating Activities
A fiscal year is July-June. All values
AUD millions.
2014 2015 2016 2017 2018 5-
yea
r
tren
d
Funds from Operations 125.24
M
134.6M 159.6M 172.1M 163.5
M
Changes in Working Capital (918,00
0)
(13.4M) (12.2M) (11.1M) 25.2M
Receivables 1.19M (600,00
0)
(800,00
0)
(9.2M) 5.4M
Inventories (778,00
0)
(1.3M) (600,00
0)
200,00
0
100,0
00
Accounts Payable 2.85M (11.8M) 1.1M (800,00
0)
3.2M
Other Assets/Liabilities - - - - -
Net Operating Cash Flow 124.33
M
121.2
M
147.4
M
161M 188.7
M
Investing Activities
2014 2015 2016 2017 2018 5-
yea
r
tren
d
Capital Expenditures (17.69
M)
(26.4
M)
(24.2M
)
(24.6M
)
(29M)
Capital Expenditures (Fixed Assets) (17.69
M)
(1.7M) (24.2M
)
(24.6M
)
(29M)
Capital Expenditures (Other Assets) - (24.7
M)
- - -
Net Assets from Acquisitions (38.02
M)
(21.8
M)
(186.8
M)
(5.9M) (9.2M)
Sale of Fixed Assets & Businesses - - - - -
Purchase/Sale of Investments (800,00
0)
- - (1.7M) -
Purchase of Investments (800,00
0)
- - (1.7M) -
Sale/Maturity of Investments - - - - -
Other Uses - - - - -
Other Sources - - - - -
Net Investing Cash Flow (190.4
M)
(97.6
M)
(269.3
M)
(191.2
M)
(342.3
M)
Financing Activities
2014 2015 2016 2017 2018 5-
yea
r
tren
d
Cash Dividends Paid - Total (47.08
M)
(52.5M) (54.3M) (36.9M) (28.8M)
Common Dividends (47.08
M)
(52.5M) (54.3M) (36.9M) (28.8M)
Preferred Dividends - - - - -
Change in Capital Stock - 500,00 143.6M - (200,00

0 0)
Repurchase of Common &
Preferred Stk.
- - (800,00
0)
- (200,00
0)
Sale of Common & Preferred Stock - 500,00
0
144.4M - -
Proceeds from Stock Options - 500,00
0
144.4M - -
Other Proceeds from Sale of Stock - - - - -
Issuance/Reduction of Debt, Net 96.11M 52.6M 75.6M 60.1M 146M
Change in Current Debt - - - - -
Change in Long-Term Debt 96.11M 52.6M 75.6M 60.1M -
Issuance of Long-Term Debt 96.11M 52.6M 75.6M 211.3M -
Reduction in Long-Term Debt - - - (151.2
M)
-
Other Funds - - (100,00
0)
- -
Other Uses - - (100,00
0)
- -
Other Sources - - - - -
Net Financing Cash Flow 49.02
M
600,00
0
164.8
M
23.2M 117M
Exchange Rate Effect 905,00
0
(500,00
0)
1.2M (100,00
0)
(2.5M)
Miscellaneous Funds - - - - -
Net Change in Cash (16.14
M)
23.7M 44.1M (7.1M) (39.1M)
Free Cash Flow 106.64
M
119.5M 123.2M 136.4M 159
Answer to the question-- (v)
Comparative analysis of three cash flow activates of three companies
JB HI-FI LIMITED
Year
Operating
activities
%
CHANG
E
Investing
activities
%
CHANG
E
Financing
activities
%
CHANG
E
2016 185.1
57.8
-52
-4.6
-130.6
-83.072017 190.6 -885.5 715.9
2018 292.1 -54.4 -239.1
HARVEY NORMAN HOLDINGS LIMITED

Column
1
Operatin
g
activities
%
CHANG
E
Investin
g
activities
%
CHANGE
2
Financin
g
activities
%
CHANGE
3
2016 340.4
24.88
-81.8
-143.03
-220.6
-30.152017 437.7 -179.9 -307.4
2018 425.1 -198.8 -287.1
Flexi Group Limited
Column
1
Operatin
g
activities
%
CHANG
E
Investin
g
activities
%
CHANGE
2
Financin
g
activities
%
CHANGE
3
2016 440.4
25%
-78.2
-150.3
-220
-45%2017 454.2 -180..2 -350.7
2018 425.1 -201.2 -287.1
(Harvey Norman, 2018)
Answer to question no- (vii)
COMPARATIVE ANALYSIS OF INSIGHTS OF COMPANY
This table has reflected the cash flow activities of these three companies since last three
years. The change has been effective and shown the results with the % increase and decrease.
However, JB Hi- Fi Company has increased its cash inflow in operating activities and faced

12% decrease in its cash flow in its financial activities. For the Harvey Norman, the operating
activities has shown inflow of 24.88% in its operating activities. Both investing and financial
activities has decreased in all these three companies (Braam, & Peeters, 2018).
Comprehensive income statement
Answer to question no-- (vii)
Reported items in the comprehensive income statement of these three
companies
All the items which have been reported in the comprehensive income statement of company
reflects the elements that are classified into the profit and loss of company. These items
cannot be further reclassified in other statement (Balakrishnan, Blouin, & Guay, 2018).
Comprehensive income statement of JB HI-FI Company

Comprehensive income statement of Harvey Norman Company
Comprehensive income statement of Flexi Group

Answer to question no- (viii)
Reason to record this items in the Comprehensive income statement
All the items which have been reported in the comprehensive income statement of company
reflects the elements that are classified into the profit and loss of company. These items
cannot be further reclassified in other statements so it is recorded in the comprehensive
income statement of company (Lin, Yang, & Wang, 2018).
Answer to question no- (ix)
Comparative analysis of these items shown in the comprehensive
statement and its impact on the profit and loss account
This analysis is done by using the given table shows that in case of JB Hi-Fi Company, there
is unrealistic losses in its profit and loss account and in case of Harvey Norman, there is
unrealistic profit recorded in the comprehensive statement (Du, McEnroe, & Stevens, ,
2016). In addition to this, Flexi group has recorded unrealistic loss in this statement
(Unerman, Bebbington, & O’dwyer, 2018).
COMPANY YEAR
Items that can be
subsequently
reclassified to profit or
loss
Items that cannot be
subsequently reclassified
to profit or loss
TOTAL
JB Hi-Fi
Company
2018 ($
m) 0.6 - 0.6
Harvey
Norman
2018 ($
m) -2.88 -20.105 -17.225
Flexi Group 2018($m) -1.8 -15.5 -11.58

If these three companies have recorded this information as per the IFRS Rules and shown the
same in their profit and loss account then it might have showcased the false views and
destructed the true and fair view of the recorded financial statement. These would have
diluted the profit of these companies and mislead the stakeholders (De Lautour, 2018).
Answer to question no- (x)
Evaluating the performance of a manager
There are several business transactions occurred in the company and it may be impacted by
internal and external factors. The manager of the company is responsible to handle only
internal factor and strategic process. All the items recorded in the comprehensive statement of
the company is unrealistic. It is recorded due to the changes in external factors. There is
nothing manager could do in this case. Therefore, these items could not be used to evaluate
the performance of a manager (Vitek, 2018).
Accounting recorded for income tax
The answer to question no- (Xi)
Tax expenses of these three companies
COMPANY YEAR TAX EXPENSE
JB Hi-Fi 2018 ($ m) 101.3
Harvey Norman 2018 ($ m) 186.84
Flexi Group 2018 ($m) 221.25
(JB Hi-Fi Company., 2019).

Answer to question no- (xii)
Computation of the effective tax rate
Tax rate computation of these companies
Computation of the effective tax rate
= Income Tax Expense for year
Earnings before tax for year
Company Year Tax expense Earnings before
tax Effective tax rate
JB HI- FI 2018 ($
m) 101.3 334.5 30.28%
Harvey Norman 2018 ($
m) 186.84 639.8 29.20%
Flexi Group 2018($m) 92.5 335 30%
(Harvey Norman Company., 2019).
This shows the effective tax rate of these three companies
Answer to question no- (xii)
Deferred tax liabilities and assets recorded
Company records taxable income and accounting income in its books of account. If the tax
payable on the taxable income is less than the tax computed on the accounting income then
the difference in amount is recorded as deferred tax assets. On the other hand, if the tax
payable on the taxable income is less than the tax payable on accounting income then the
differences is recorded as deferred tax liabilities (Flexi Group Company., 2019).

Company Year
Deferred income tax liabilities
($ million)
JB Hi- Fi Company 2018 5.7
2017 15.1
Harvey Norman 2018 278.21
2017 226.3
Flexi Group 2018 223.1
2017 312.1
Answer to question no- (xiii)
CHANGES IN THE DEFERRED TAX ASSET OR LIABILITY
The JB Hi-FI Company has increased deferred tax liabilities in its books of account. On the
other hand, Harvey Norman and Flexi group also had increased their deferred tax liabilities.
All these three companies have a positive increment in their deferred tax liabilities (Yahoo
finance, 2019).
Answer to question no- (xiv)
CASH TAX AMOUNT
It is analyzed that cash tax is the amount of tax that is being paid to authorities by a company.
This is shown in the cash flow statement of the company (Yazdanfar, and Öhman, 2015).

Company Year
Cash tax amount
($ m)
JB Hi-FI 2018 114.8
Harvey Norman 2018 152.5
Flexi 2018 112.2
The answer to question no- (xv) and (xvi)
Computation of the tax cash rate
Cash tax rate = cash tax paid for the year
Pre-tax operating income for the year
Company Year
Cash Tax
expense
($ m)
Earnings
before tax ($m)
cash tax
rate
JB Hi-Fi Company 2018 114.8 334.5 34.32%
Harvey Norman 2018 152.5 639.8 23.84%
Flexi Group 2018 155.5 655.3 30%

It is analyzed that Flexi group has a higher cash tax rate as compared to other two companies.
Answer to question no - (xvii)
CASH TAX RATE VS BOOK TAX RATE
The cash tax rate differs from the book tax rate due to the concept of a different formula. The
cash tax rate shows the actual tax
in long run. It is found that company can only record deferred tax assets or differed rate
computed based on the total tax payment whereas book tax rate is computed based on the
income statement and tax charged on the company (Zhu, 2014).

CONCLUSION
After assessing all the detail and detail analysis of these three companies, it could be
inferred that if a company wants to sustain its business then it needs to comply with the all
the applicable laws and regulation tax liabilities in its books of account due to the IFRS rules
and regulations. Now, in the end, it could be inferred that Flexi group has paid higher tax as
compared to the other two companies in the last financial year.

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