Saddlers Bistro Pty Limited $($Saddlers$)$ is a resident company

that is part of a large portfolio of hospitality venues.

Saddlers is ineligible for any small business concessions and

is not a base rate entity. During $2023,$ Saddlers recorded a

net profit of $$500,000$ from its business activities. The

financial statements included the following:

TRANSACTIONS $

Accounting depreciation on bistro

equipment

$($using tax depreciation rates, decline in

value was $$200,000)$

$140,000$

Fines for incorrect disposal of cooking waste $5,000$

Employee leave provided during the year $120,000$

Employee leave payments during the year $55,000$

Exempt government subsidies received for

employing youth

$30,000$

REQUIRED:

Prepare a statement reconciling net profit with taxable income

and calculate Saddlers$$ income tax liability for $2023.$