Calculate: Taxable income Net tax payable
Chapter25: Taxation Of International Transact Ions
Section: Chapter Questions
Problem 32P
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Question
Stevenson and brothers Ltd is an Australian corporation (tax resident) with a turnover of less than $50 million.
They received $900,000 in assessable revenue
$500,000 in allowable deductions
$100,000 in non-assessable non-exempt income during the current tax year.
Interest revenue accounted for $600,000 of their assessable income
It also has $40,000 in tax offests available.
Calculate:
Taxable income
Net tax payable
Show all working and state all relevant analysis
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