Stevenson and brothers Ltd is an Australian corporation (tax resident) with a turnover of less than $50 million.

They received $900,000 in assessable revenue

$500,000 in allowable deductions

$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:

Taxable income

Net tax payable

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