Melbourne Awesome Ltd supplies a wide range of folding bicycles. MelbourneAwesome Ltd derives Australian sourced income for the current tax year comprising net income from trading of $80,000, franked distribution from public companies amounting to $28,000, (carrying an imputation credit of $12,000), unranked distributions from resident private companies amounting to $25,000 and rental income of $5,500. Melbourne Awesome Ltd also have total deductions (Business Expenses) totaling $55,000.

Required:

Calculate the net tax payable by Melbourne Awesome Ltd for the year ended 30 June 2019. (Assume company tax rate is 30%).

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