QUESTION 17

1. For the year ended 30 June, Restaurants Pty Ltd had a tax loss of $70,000. Its assessable income totalled $100,000 and its deductions totalled $170,000. Included in the assessable income was a partly franked dividend of $20,000 made up of $17,000 received and a franking credit of $3,000.

   What is Restaurants Pty Ltd carried forward tax loss?

   		Nil as companies cannot carry forward losses
   		$73,000
   		$87,000
   		$70,000
   		$80,000