Wren Writers Ltd is an Australian company (resident for tax purposes) with an aggregate turnover of under $50million. During the current tax year, it derived $1,200,000 in assessable income, $900,000 in allowable deductions and $400,000 in non-assessable non-exempt income.

Of the assessable income Wren Writing Ltd derived, $800,000 related to interest income. It also has $62,000 in available tax offsets.

Required:

Determine for Wren Writers Ltd the following:

1. Taxable income
2. Net tax payable (refundable)

In doing so, clearly label all relevant figures, clearly articulate all relevant analysis and show all workings.