Make a reconcile net profit with taxable income

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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 with Silent Pty. Ltd. (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:

Problem 1: Make a reconcile net profit with taxable income and calculate the tax payable (refundable) for the 2017/18 tax year.

Reference no: EM132687649

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