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Calculate peter taxable income for the income year

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Reference no: EM133183836

Question - Peter and Jill are in a partnership as retailers of electrical goods. The partnership records, exclusive of GST, for this income year disclose:

Receipts ($): 300,000 Gross receipts from trading

Payments ($): 100,000 Purchases of trading stocks

30,000 Partners' salaries (each)

2,000 Interest on cash advance made to the partnership by Peter

60,000 Salaries for employees and rent paid

2,000 Legal expenses in recovering bad debts

Other details:

Peter and Jill share partnership profits equally

Trading stock on hand 1 July: $10,000

Trading stock on hand 30 June: $20,000

Peter's personal records disclose:

Gambling winnings: $2,000

Net salary as a part-time instructor (excluding PAYG tax instalments of $2,000): $5,000

Subscription to professional journals: $500

Peter is a member of a private health fund

Required - Calculate Peter's taxable income for the income year explaining your treatment of each item in this question.

Reference no: EM133183836

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