Structured Pty. Ltd., a small business entity, has prepared the following income statement for 2017/18:

Unfranked Dividends 40,000

Fully Franked Dividends (related franking credit of $42,000) 98,000

Partly Franked Dividends (related franking credit $8,500) 38,000

Income distributed from partnership with Silent Pty. Ltd. (includes franking credits of $4,800) 46,000

Income distributed from Umbrella Trust (includes franking credits of $2,800)19,000

Total 241,000

Deductible expenditure 18000

Net Profit 223,000

Required:

Prepare a statement (format provided below) reconciling net profit with taxable income and calculate the tax payable (refundable) for the 2017/18 tax year.