A business operates on the basis of 50%down payment when a contract was signed and the remaining 50%was invoiced when the job was Complete. No refund were offered on the monies received. A refunds were offered on the monies received. A also sold a small range of television sets and sound systems. They were mainly sold to his film customers who used them to show his training films. He comrmenced his business in the previous year and it cost him $2,800 in legal and accounting fees start operations. A incorme and expenditure for the year are as follows: Receipts Income from training films $280,000. This includes $30,000 for training films which were contracted last year and completed during the current year when the remaining 50% was invoiced and paid. It also includes paid invoices of $50,000 for training films which would be completed in the following year. Sale of television sets and sound systems $63,000. $3,000 was from a sale made during the prior year. A offered a 60-day payment plan to his customers. During the current year he made sales of $12,000 which had not been paid during the current year. Salary from the Air Force Reserve $4,100. A had bought the Sale of previous business on 1 July 2019 for $170,000. business for $150,000 on 10 November 2013. He paid $2,250 in Stamp Duty on that day. A had taken out a 12-year loan of $200,000 to help him buy the business and provide some initial working capital. It commenced on 10 November 2013. He had paid interest of $24,000 during the loan period and borrowing costs of $3,180 on 10 November 2013. Quentin paid out the loan when he sold the business. Sale of vacant land on 1 March 2020 for $30,000. The land had been bought on 1 March 1998 for $25,000. Stamp duty cost $375 and rates and land taxes totalled $3,000. Commission on sale was $1,200 Dividend received from his wife's company Pulp Fiction Pty Ltd, $10,000 and it had franking credits of $4286 attached.

Cleaning of Air Force Reserve uniform $250 Entertainment expenses of $6,200. 40% related to staff and the remainder to clients Motor vehicle expenses $7,400 50% related to A private use Purchase of film $83,000. Film on hand at 1 July 2019 was $6,800 and on hand at 30 June 2020 was $11,900 at cost price, $12,700 at replacement price and $15,600 at market selling value. A wished to minimise his tax Rent on premises $18,000. This included a prepayment of $6,000 for 6 months rent for the following year which was paid on 1st Jun 2020 Repairs to second-hand camera bought on 30 June 2020 $850 Repairs to film editing equipment after A dropped a glass of wine on it $1,100 Subscription to Film Makers Australia $400 Subscription to Film Guild of Australia $300 Superannuation for staff $10,300 Superannuation for A $20,000 Wages to staff $90,000 Wages to his de-facto spouse $25,000. Staffdoing a similar job were paid $22,500 Tax Agents Fee $1200

Calculate A taxable income and net tax payable including Medicare levy assuming he is anSBE tax payable