Cassowary Media Ltd is an Australian company (resident for tax purposes) with an aggregate turnover of under $50million. During the current tax year, it derived $450,000 in assessable income, $300,000 in allowable deductions and $45,000 in exempt income.

Of the assessable income Cassowary Media Ltd derived, $320,000 related to interest income. It also has $30,000 in available tax offsets.

Required:

Determine for Cassowary Media Ltd the following:

1. Taxable income (1 mark)
2. Net tax payable (refundable) (4 marks)