ONE Darwin Pest Control Pty. Ltd. is an Australian resident private company for tax purposes and carries on the business of termite eradication. It is registered for GST. William Lee, the accountant has prepared the income statement for the year ended 30 June 2018 based on the relevant accounting standards: Fees $13,011,492 Less: Operating expenses: Advertising 1,100,000 Accounting depreciation (note 4) 755,000 Fringe benefits tax 45,000 Provision for unreported claims (note 5) 150,000 Provision for bad debts (note 10) 143,000 Repairs (note 6) 430,000 Wages and Salaries (note 7) 7,400,000 Purchase of trading stock (note 8) 920,000 Superannuation for employees 893,000 Cost of buying the goodwill of a business (note 9) 400,000 12,236,000 Net profit (Accounting) $775,492 Additional Information (1) Unless otherwise stated the figures are GST exclusive. They do not include GST. (2) On 30 November 2017, the company received a cash dividend of $100,000 (fully franked). This dividend is not recorded in the above Income Statement. (3) On 31 August 2017, the company also received a cash dividend of $85,000 from a US company. Withholding tax of $15,000 had been withheld in the US. Australia has a double tax agreement with the US. This dividend is not