Melbourne Awesome Ltd supplies a wide range of folding bicycles. Melbourne Awesome Ltd derives Australian
sourced income for the current tax year comprising net income from trading of $80,000, franked distribution
from public companies amounting to $28,000, (carrying an imputation credit of $12,000), unranked distributions
from resident private companies amounting to $25,000 and rental income of $5,500. Melbourne Awesome Ltd
also have total deductions (Business Expenses) totaling $55,000.
Required:
Calculate the net tax payable by All Sports Ltd for the year ended 30 June 2019. (Assume company tax rate is
30%)
Please solve this question by Australian taxation law accordingly.
