Bangkok Exports Ltd is an export company, which distributes furniture and other related products in Australia through a local distributor. The company is a Thailand registered company. Seventy percent of the company's shares are owned by Thai residents and thirty percent by Australian residents. The board of directors, which directs its operations, meets in Thailand. For the year ending 30 June 2008, Bangkok Exports Ltd exported furniture of $400,000 to a distributor in Australia and also earned a profit of $50,000 from its operation in India. The company also received a franchise fee of $200,000 from the Australian distributor. What is the assessable income of Bangkok Exports Ltd in Australia for the year ending 30 June 2008?