The following question is based on the material in Chapter 4 of the textbook Advanced Income Tax Law:

Q

(Companies Reconciliation of Taxable Income Investment income)

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

Income $

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

241,000

Expenses

Deductible expenditure 18,000

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.

	$	$
Net Profit per Financial Report =
Add (if any): (show details)
Less (if any): (show details)
= Taxable Income
Tax on Taxable Income is: (show calculation details)
Less (if any): (show details)
= Tax Payable (Refundable)