Turning Circle Driving School Pty Ltd$,$ a base rate entity, prepared the following Income Statement for $2022/23$

INCOME

Gross fees $=$ $$950,000$

$$

Fully Frank Dividend $$ note $3=$ $$3,500$

Unfranked Dividend $=$ $$2,000$

Total $=$ $$955,500$

EXPENSES

Fines & Penalties $=$ $$3,000$

$$

Depreciation $$ note $1=$ $$77,000$

$$

Other Deductible expenditure $=$$$484,000$

Total $=$ $$564,000$

NET PROFIT $=$ $$391,500($ Income $-$ expenses $)$

Note $1$ The deduction for decline in value using tax rates was $$111,000.$

Note $2$ The company commenced business in $2017$ as a limousine service. On $27$ August $2020,$ all the company$$s shares were sold to the Bean family. On $18$ October $2021,$ the company ceased its limousine service and began operating as a driving instructor service. The company had incurred the following tax losses:

$2019/20=$$$40,000$

$2020/21=$ $$50,000$

$2021/22=$$$20,000$

Note $3$ Franking credit was $$1,500.$

REQUIRED:

Using the template provided:

$($a$)$ Prepare a statement reconciling net profit with taxable income for the $2022/23$ tax year.

$($b$)$ Calculate tax payable for the $2022/23$ tax year.Please update answer as per excel format. Please make a note when calculate : $-$ Fully franked dividend and unfranked dividend. For offset previous Losses : $-$ Compare The income full year $2023,$ with each of the full years for the each of the loss years, if either test passed allow the Driving school and limousine service are not similar businesses Check Continuity of ownership test