Tang Foods Pty Ltd is a private company with Bruce and his wife Eve being the two Directors and each owning one ordinary share. It has been operating...

$110,890

PAYG Instalments: The Company made the following payments of income tax to the ATO:

·        1 October 2016 - $120,000

·        1 January 2017 - $120,000

·        1 April 2017 - $140,000

·        30 June 2017 - $120,000

REQUIRED:

Please calculate the tax payable for the company. You are required to provide a brief explanation of each item and why it is included or excluded.