Aquabliss Pty Ltd is a resident corporate tax entity. The company's 2023/24 income statement has been prepared.

Aquabliss Pty Ltd Income statement 2023/24
INCOME	$
Gross profit from trading	826,450
Profit on sale of Building (refer note 1)	2,000,000
Other income (refer note 2)	29,935
	2,856,385
EXPENSES	$
Operating costs - refer note 3	614,500
Impairment of goodwill	35,000
Tax expense - refer note 4	53,000
	702,500
NET PROFIT	2,153,885

Note 1: The profit was made on a building purchased for $160,000 in March 1985. The building was sold in April 2024 for $2,160,000.

Note 2: Other income

Other income	$
Fully franked dividend received 3/8/23	1,785
Interest from Hong Kong (Net of HK tax paid $300)	2,850
Distribution from trusts (including $2100 Franking credits)	25,000

Note 3: Operating costs

• Included depreciation of $52,000
• Includes research & development costs of $50,000
• Also included is an accounting loss on disposal of a motor vehicle of $18,000. For tax purposes, the adjustable value at the time of sale was 10,000, the proceeds were $13,000

Note 4: Tax payments

Date	Description	$
21/7/23	Franking Deficit Tax for 2023/24	8,000
1/12/23	Balance of 2023/24 income tax	23,900
21/1/24	PAYG instalment - December quarter	9,600
28/4/24	PAYG instalment - March quarter	9,600
30/5/24	Fringe benefits tax	1,900

Note 5: Dividends paid

Date	Description	$
15/1/24	Dividend paid-50% franked	59,500
30/6/24	Fully franked dividend paid	46,200

Additional Information

No variation of the benchmark franking percentage was given.

The Franking Deficit tax paid on 21/7/23 was less than 10% of the total franking credits for the year

Required:

a. Complete a statement reconciling net profit with taxable income.

b. Calculate net tax payable by the company for 2023/24