Stevenson and brothers Ltd is an Australian corporation (tax resident) with a turnover of less than $40 million.

It received $900,000 in assessable revenue, $500,000 in allowable deductions, and $100,000 in non-assessable non-exempt income during the current tax year. Interest revenue accounted for $600,000 of their assessable income. It also has $40,000 in tax offests available.

Calculate the Taxable income and their Net tax payable (refundable)

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