Sapphire Jewelry Pty Ltd (SJ) is a resident private company. During the 2023 income year, SJ recorded an accounting profit of $100,000 In addition to the transactions recorded in the financial statements, SJ noted the following: During 2021, SJ purchased business premises for $500,000. There were $200,000 of construction costs incurred on the property in 2005.

Calculate the taxable income of SJ for the 2023 income year.