Question 6 (15 marks) XYZ Pty Ltd is a private company incorporated in Australia. During the relevant income year they received $250,000 from sales of lolly pops in Australia, $20,000 interest from a bank account in the United States and a $8.000 dividend from shares held in a company in France. XYZ Pty Limited is not a small business entity and prepared the following statements for 2020/21 520.000 5,500 Revenue Gross fees (worldwide) Fully franked dividend (Australian) Dividend from France (net of $500 withholding tax) Exempt income Unfranked dividend (Australian) Interest from USA Total Revenue Expenses Fines and penalties Depreciation Accounting rates-note 1 PAYG credits paid 6,000 8,000 2,000 5.000 546 500 6,000 88,000 111 000 127.000 Other deductible expenditure Total Expenses Net Profit 332,000 214,500 Note 1 In the 2020/21 income year the company collected $48 000 in GST Note 2 The deduction for decline in value using tax rates was $115,000. Note 3 The company commenced business in 2009 as a taxi service. On 27 August 2017, all of the company's shares were sold to the Gerald family. On 18 October 2017, the company ceased its limousine service and began operating as a driving instructions service. The company had previously incurred the following tax losses: 2017/18 2018/19 2019/20 $20.000 $10,000 $20,000 Required a) Prepare a statement reconciling net profit with taxable income for the 2020/21 tax year. (10 marks) b) Calculate tax payable for the 2020/21 tax year using the following table (2 marks) Assessable income Minus Allowable deductions current year Minus CFL from previous years - Taxable income Tax payable on taxable income @30% Minus tax offsets Net tax payable Minus Tax Credits (PAYG tax paid) - Refund Due or Amount Owing c) I ABC did not pass any residency tests, determine the amounts assessable in Australia