Abhishek is employed during the financial year ending 30^th June 2020 as a lecturer at the Universe College in Sydney with a total salary of $100,00 for that financial year plus his employer pays to Unisuper the compulsory superannuation contribution of $9,500. The Universe College also deducted PAYG from his $100,000 pay amounting to $30,000 which they remitted on his account to the ATO.

Abhishek had allowable deductions in relation to his employment income of $2,000.

Earlier in his life, on 1^st January 2000, Abhishek had bought a vacant block of land for $250,000 and since that date, he has paid rates and taxes totalling $50,000 on the block of land up to 30th June 2020. His incidental costs in buying and selling the land amount to $40,000. On the 30^thJune 2020, Abhishek sold the vacant block of land for $400,000.

In May 2020, Abhishek decided to take a night off and he got lucky winning $200,000 playing against the Goodluck Casino on the roulette table.

Required:

Part a (15 marks)

What is Abhisheks ordinary income for the year ended 30 June 2020?

Part b (15 marks)

What is Abhisheks statutory income (that is the net Capital Gain) for the year ended 30 June 2020?

Part c (15 marks)

What is Abhisheks total taxable income for the year ended 30 June 2020?