Calculate the tax payable refundable for the 2017/18 tax

Reference no: EM133416733

Question: Structured Pty. Ltd., a small business entity, has prepared the following income statement for 2017/18: Income $ Unfranked Dividends 40,000 Fully Franked Dividends (Related Franking Credit Of $42,000) 98,000 Partly Franked Dividends (Related Franking Credit $8,500) 38,000 Income Distributed from Partnership. (Includes Franking Credits Of $4,800) 46,000 Income Distributed from Umbrella Trust (Includes Franking Credits Of $2,800) 19,000 241,000 Expenses Deductible Expenditure 18,000 Net Profit 223,000

Required: Prepare statement reconciling net profit with taxable income and calculate the tax payable (refundable) for the 2017/18 tax year.

Reference no: EM133416733

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