ABC Pty Ltd is a company incorporated in Australia. During the year they received $200,000 from sales of lolly pops in Australia, $50,000 interest from a bank account in the United States and a $6,000 dividend from shares held in a company in France. ABC Pty Limited is not a small business entity and prepared the following statements for 2019/20 $ $ Income Gross fees 550,000 5,500 6,000 2,000 5,000 568 500 Fully franked dividend (Australian) Dividend from France (net of $500 withholding tax) Unfranked dividend (Australian) Interest from USA Expenses Fines and penalties Depreciation Accounting rates- note 1 PAYG credits paid Other deductible expenditure Net Profit 5,000 98,000 100 000 184,000 387,000 181,500 Note 1 The deduction for decline in value using tax rates was $101,000. Note 2 The company commenced business in 2009 as a taxi service. On 27 August 2017, all of the company's shares were sold to the Gerald family. On 18 October 2017, the company ceased its limousine service and began operating as a driving instructions service. The company had previously incurred the following tax losses: 2016/17 2017/18 $20,000 $10,000 $20,000 2018/19 Required a) Prepare a statement reconciling net profit with taxable income for the 2019/20 tax year. (15 marks) b) Calculate tax payable for the 2019/20 tax year using the following table (2 marks) Assessable income Minus Allowable deductions current year Minus CFL from previous years = Taxable income Tax payable on taxable income @30% Minus tax offsets = Net tax payable Minus Tax Credits (PAYG tax paid) = Refund Due or Amount Owing c) If ABC did not pass any residency tests, determine the amounts assessable in Australia ( 3 marks)