Fred Pty Ltd, a resident Australian company had the following receipts for the year ended 30 June 2018. Note: the company is eligible as a small business

Receipts	$
Gross Interest from Italy (foreign tax $10,000)	30,000
Fully franked dividend	14,000
20% Partly franked dividends	7,000
Unfranked dividends	15,000
Interest (net of TFN tax of $4,700)	5,300

Required
a) Calculate John Pty Ltd.’s taxable income for the year ended 30 June 2018.
b) Calculate John Pty Ltd.’s net tax payable or refundable for the year ended 30 June 2018.

Answer rating: 100% (QA)

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