(1) Prepare a statement reconciling net profit with taxable income Amount Write your Enter amount here Net Profit per Financial Report S Reasons or Workings (if applicable) S Net Profit ADD BACK: Equals ADJUSTED NET PROFIT LESS: Total Less Amount Equals TAXABLE INCOME (2) Calculate the net tax payable by the company for the year, clearly showing all your workings Tax on Taxable Income $ 0 Tax Payable/(Refundable) (3) Who would you consult if you required advice and guidance to determine any income tax related issues? Write your answersTAS K 1 Note 3 Makeit Pty Ltd is a local manufactures. The company wishes to use all available small business Plant 3"- Equipment concessions to minimise taxable income. Makeit PtyI Ltd has prepared the following Profit St Loss Opening balance _ Ni| Statement for the 2022 financial year: Purchase of New Machine on 'I December 2021 $ 151,525 - Life 4 years 5 5 Gross Sales 1,900,000 Less Cost of Goods Sold Note 4 Opening Stock 33 000 Tax related expenditure is comprised of the following: Purchases and Manufacturing Costs ?50,000 PPWOII Tax $ 5.000 ?83,000 Tax Agent Fees $ 6,000 Closing Stock 300,000 483,000 ATO Penalties $ 5 000 Gross Prot 1'417'000 ATO General Interest Charge $ T2000 Add Dther lnoome Foreign Income: Rent Italy [Net] 11,500 Note 5 Interest Income 2,000 13,500 $50,000 of PAYS tax instalments were paid for the 2021.322 income year. 1,430,500 EXPENSES Gross Wages 650,000 REQUIRED: Superannuation 92.000 Using the template provided: Interest on Loan to purchase rental property in Italy Provisions for 3,500 Customer Warranty Claims Note 2 30 [mo ' 'I. Prepare a statement reconctling net prot with taxable income Truck Expenses 31,000 Accounting Depreciation Note 3 60,000 _ Share of Loss from Partnership with AI Insulation PW Ltd 9500 2. Calc:late the net tax payable by the company for the year, clearly showmg all your Tax Related Expenditure Note 4- 24,000 wor Ings Other Deductible Expenses 400,000 1,300,000 3. In addition to the ATE}, as a Tax Agent who would you consult if you required advice and guidance to determine any income tax related issues? NH PROFIT BEFORE INCOME TAX 130.500 Note 1 Makeit Pty Ltd owns a property in Italy. The $1 1,500 rent received from this investment is net of $3,800 tax withheld by the Italian government. Note 2 The amount of warranty expenses paid to customers during the 2022 income year was $11,000