Could you please help me with those questions ?
Hot Pink Batts Pty Ltd manufactures pink batts. The company wishes to use all available small business concessions to minimise taxable income. Hot Pink Batts Pty Ltd has prepared the following Profit & Loss Statement for the 2019 financial year: $ $ Gross Sales 2,400,000 Less Cost of Goods Sold Opening Stock 35,000 Purchases and Manufacturing Costs 1,250,000 1,283,000 Closing Stock 300,000 983,000 Gross Profit 1,417,000 Add Other Income Diesel Fuel Rebate (Government Subsidy] 3,500 Dividend from American Company - Note 1 8,000 Interest Income 2,000 13,500 1,430,500 Expenses Gross Wages 680,000 Superannuaten 62,000 Provisions for Customer Warranty Claims - Note 2 30,000 Truck Expenses 31,000 Accounting Depreciation - Note 3 60,000 share of Loss from Partnership with Al Insulation Pty Ltd 15,000 Tax Related Expenditure - Note 4 24,000 Other Deductible Expenses 400,000 1,300,000 NET PROFIT BEFORE INCOME TAX 130,500 NOTE 1 Hot Pink Batts Pty Led owns shares in an American company. The $8,000 dividend received from this investment is net of $4,000 tax withheld by USA government. NOTE 2 The amount of warranty expenses paid to customers during the 2019 income year was $11,000. NOTE 3 Decline in Value for tax purposes needs to be determined using the following information: General SBE Pool Balance at 30 June 2018 $ 90,000 Purchase of New Machine on 1 December 2018 $ 98,000 Purchase of New Computer on 1 February 2019 $ 900 NOTE 4 Tax related expenditure is comprised of the following: Payroll Tax $ 7,000 Tax Agent Fees $ 6,000 ATO Penalties $ 4,000 ATO General Interest Charge $ 7,000 NOTE 5 $50,000 of PAYG tax instalments were paid for the 2018/19 income year.REQUIRED: Using the templates provided: (a) Prepare a statement reconciling net profit with taxable income (b] Calculate the net tax payable by the company for the year, clearly showing all your workings (c) Who would you consult if you required advice and guidance to determine any income tax related issues