Question 5 (7 marks)

Jet Co Ltd is a base rate entity, which has less than $2 million aggregated turnover. Jet Co Ltd derives income for the current income year (all from Australian sources) comprising net income from trading of $60,000, franked distribution from public companies amounting to $21,000 (carrying an imputation credit of $9,000), unfranked distributions from resident private companies amounting to $16,000 and rental income of $4,000.

Required:

Calculate the net tax payable by Jet Co Ltd for the year ended 30 June. (maximum -150 words)