A company has a turnover of $500,000 in the financial year 2022. The tax rate for companies

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Question:

A company has a turnover of $500,000 in the financial year 2022. The tax rate for companies with a turnover of less than $10 million is 27.5%. However, the company is eligible for a tax offset of 5% for its income from business activities in regional areas. The company's income from business activities in regional areas is $70,000. Calculate the company's tax payable for the financial year 2022 and the after-tax profit.