4 (this question was in the exam for Term 2, 2023) Kishore is an employee of ABC Ltd, a manufacturer of high-quality window and building frames. Kishore received the following remuneration package from his employer for the year ended 30 June 2023. Gross salary of $150,000 per annum. His employer has paid $55,000 to the ATO as PAYGW. Payment of his mobile telephone bill of $2,000 per annum. The telephone is used 100% for business purposes. The payment of Kishore's children's school fees of $25,000 per year. The provision of a laptop computer valued at $2,300. This is used 100% for business. A bonus based on performance of $20,000 this financial year. A travel allowance of $2,400 for using his own motor vehicle for work related purposes. Kishore has a total of work-related deductions of $5,680 which includes his own calculation of his motor vehicle use using the cents per kilometre method of $3,256. REQUIRED Calculate Kishore's taxable income this financial year and explain how each item is treated for taxation purposes. Answer: Assessable income - 172,400 Less: Deductions - 8,936 = Taxable income 163,464 Explanation - school fees a fringe benefit and