Question: A Ltd reported the following information for the year ended 30 June 2018: Accounting profit before tax was 600 000. A building was purchased on

A Ltd reported the following information for the year ended 30 June 2018:

Accounting profit before tax was 600 000.

A building was purchased on 1 July 2015 for $1 000 000. It is depreciated at 10% straight-line with zero residual value for accounting purpose and 20% straight-line with zero residual value for tax purposes.

Accounts receivable (gross): opening balance, 350 000; closing balance, 500 000. The allowance for doubtful debts: opening balance, 8 000; closing balance, 10 000. During the period, 4 000 bad debt were written-off.

Provision for long service leave: opening balance, 100 000; closing balance, 160 000; Long-service-leave expense: 80 000.

Company tax rate is 30%

What is the Taxable Income for the year ended 30 June 2018?

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