QUESTION :it is about Australian tax, not an accounting question

Salvador Ryan is an accountant and the Director of his accounting practice, Darwin Taxation Services Pty Ltd. The following figures do not include GST. The company receipts and payments for the year ended 30 June 2017 are as follows:

Receipts

$

600,000 Professional accounting fees

25,000 Sales of Do-It-Yourself Superannuation guides

17,000 Dividend received from an Australian company franked to 50%

5,000 Interest on Bank Deposits

10,000 Rental income from an investment property

2,000 Profit on sale of office equipment (note 1)

850 Dividend from shares in IBM (USA) (3)

Payments

$

14,000 Office rent

10,000 Cost of Do-It-Yourself Superannuation guides (note 2)

38,000 Salary paid to employee secretary

1,000 Train fare for travel to and from work

1,000 Legal fees for preparing a new lease of the office

2,000 Rates paid on abovementioned investment property

15,000 Interest paid on loan to acquire the investment property

5,000 Cost of painting the investment property immediately after purchasing the property

1,000 Cost of replacing roof tiles on the investment property after the roof was damaged in a severe storm in February 2017

15,000 Cost of extending the bathroom in the investment property

136,000 Cost of a new BMW for Salvador to use 100% for business purposes

Notes

(1) Profit on sale of office equipment.

The office equipment was purchased on 1 July 2015 for $10,000. Salvador estimated its effective life for taxation purposes at the time of purchase at 10 years. He uses the prime cost method.

Sale proceeds sale date 30 June 2017 $5,000

Net book value based on accounting depreciation 3,000

Profit 2,000

(2) The Opening stock value for tax purposes was $19,000.

The FIFO Method however produces the following results for the Do-It-Yourself Superannuation guides at the end of the year:

$

Cost Price 12,000

Replacement Price 9,000

Market Selling Value 14,000

(3) Withholding tax of $150 was paid in the US.

(4) The company has a carry forward past year tax loss of $42,000.

(5) The company has made PAYG Instalments of $150,000 during the year.

REQUIRED

Calculate Companys tax payable for the year ended 30 June 2017.