Kite Flyers Emporium Pty Ltd (KFE) is a resident private company. During the 2023 income year, KFE recorded an accounting profit of $400,000 In addition to the transactions recorded in the financial statements, KFE noted the following: During 2021, KFE incurred capital business set up costs of $50,000 During 2020, KFE incurred borrowing costs of $10,000 on a 10 year loan.

Calculate the taxable income of KFE for the 2023 income year.