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Saddlers Bistro Pty Limited ( Saddlers ) is a resident company that is part of a large portfolio of hospitality venues. Saddlers is ineligible for

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.

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