Question 1 (a) Private Health Pty Ltd derives $400,000 net trading income from Australian sources during the current tax year. The company also earns the following: $56,000 - Franked dividend from public companies with an imputation credit of $24,000. $50,000 - Unfranked dividend from resident private companies. $20,000 - Interest income. Assume Private Health Pty Ltd is a small business entity. Calculate the net tax payable of Private Health Pty Ltd Ltd for the year ending 30 June 2017. (10 marks) (b) Discuss the circumstances under which a tax benefit will arise under Part IVA Income Tax Assessment Act 1936 (Cth).