Deferred Tax

Hi please explain how the deferred tax is calculated in this question. I went through the answer kit as well and I still don’t understand. This question is from the Kaplan Exam kit, Q.387

Contract to construct asset (note (i)
4,000
Lease rental paid on 30 September 20X3 (note (ii))
9,200
Land ($12 million) and building ($48 million) at cost (note (ii)
60,000
Leased plant at initial carrying amount (note (i)
35,000
Accumulated depreciation at 1 October 20X2:
building
leased plant
Inventory at 30 September 20X3
Trade receivables
Bank
Insurance provision (note (ii))
Deferred tax (note (iv))
Lease liability at 1 October 20X2 (note (ii)
Trade payables
Equity shares of $1 each
Loan note (note (v))
Retained earnings at 30 September 20X3
10,000
7,000
56,600
38,500
7,300
150
8,000
29,300
21,300
27,000
40,000
53,250
203,300
203,300

A provision income tax for the year ended 30 September 20X3 of $3.4 million is
required. At 30 September 20X3, the
tax base of Moby’s net assets was $24 million
less than their carrying amounts. This does not include the effect of the revaluation in
note (ii) above. The income tax rate of Moby is 25%.

I would really appreciate an explanation. The deferred tax portion is tricky for me. Thank you!!