Brave Souls Superannuation Fund $($BSSF$)$ is a resident complying fund.

During the $2023$ income year, BSSF recorded the following transactions:

Contributions from employers on behalf of members $$800,000$

Life Insurance Premiums paid on behalf of members $ $20,000$

Payment of member benefits $ $300,000$

Calculate the taxable income of BSSF for the $2023$ income year.

Question $17$Select one:

$$780,000$

$$480,000$

$$500,000$

$$800,000$