Zany Funds Management Pty Ltd is an investment company. There is a carried forward tax loss of $80,000 from the 2018 financial year. The company has prepared the following Profit & Loss Statement for the 2019 financial year:

 

Income Distribution from Unit Trusts – Note 1	$ 1,000
Bank Interest	3,500
Unfranked Dividends	6,000
Fully Franked Dividends – Note 1	7,000	17,500
Expenses
Accounting fees	7,000
Capital Loss on sale of shares	10,000
Ongoing financial advice	19,000
Other deductible expenses	40,000	76,000
NET LOSS		(58,500)

 

 

NOTE 1

The income distribution from the unit trust included $300 of franking credits. Fully Franked Dividends represents the amount received from non SBE entities.

 

NOTE 2

One PAYG tax instalment was paid on 28 October 2018 of $11,000 (this related to the 2018/19 tax year)

 

REQUIRED:

1. Prepare a statement reconciling net profit with taxable income

2. Calculate net tax payable/refundable

3. Calculate ALL losses carried forward by the company.