AB Laboratories Pty Ltd incurred an accounting net loss of $50,000 for the year ended 30 June 201X. This comprised income $500,000, eligible R&D expenses of $100,000 and other expenses $450,000.

(Assume company tax rate is 30% and R&D refundable tax offset is 43.5%)

Required:

Calculate taxable income and tax payable / (refundable).