The bookkeeper for No-doubt Pty Ltd has provided you with the following information relating to the financial year ending 30 June 2018 (all amounts shown are GST-exclusive).
- The company had sales of $540,000 for the year ended 30 June 2018.
- The opening stock balance as at 1 July 2017 was $50,000 (the stock was valued at market value).
- The closing stock values as at 30 June 2018 are $40,000 (using cost); $60,000 (using replacement cost) and $80,000 (using market value).
- The company has a balance of plant and equipment in the general Small Business Entity (SBE) pool as at 30 June 2017 of $94,000.
- The company purchased a second hand machine on 1 May 2018 for $36,000.
- The company made purchases of trading stock during the year of $65,000.
- The company disposed of an old machine on 1 August 2017 for $5,000.
- The company had other tax deductible expenses of $180,000.
Assuming the company is eligible to use the small business entity system and also that it wishes to minimise its taxable income, calculate the likely taxable income of Redoubt Pty Ltd for the tax year ending 30 June 2018.