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Akari is a chef. He resides in Brisbane. Akira is also an equal partner in a partnership with his brother Riko. The partnership bakes gourmet

Akari is a chef. He resides in Brisbane. Akira is also an equal partner in a partnership with his brother Riko. The partnership bakes gourmet cakes to sell at local markets.

Akari provides you with the following information:

Information on Akari's 2021 PAYG Payment Summary for his employer:

  • Gross income: $151,000
  • PAYG withholding deductions: $8,000
  • Reportable fringe benefits: $40,000

Information from the partnership for the 2021 income tax year:

Gross receipts from trading: $100,000

  • Purchase of trading stock: $50,000
  • Partners salaries

  1. Akari: $20,000
  2. Riko: $10,000

  • Interest on cash advance made to the partnership by Akari: $1,000
  • Trading stock on hand at 1 July 2020; $10,000
  • Trading stock on hand at 30 June 2021: $20,000

Other information

  • Akari made donations to the Animal Welfare League of $1,000 in September 2020.
  • On 1 January 2021, Akari received a dividend from a listed public company (not a base rate entity). The accompanying dividend statement disclosed the following information:

  1. Franked amount: $450
  2. Unfranked amount: $20
  3. Imputation amount: $100

  • Akari was covered by private health insurance for the entire 2021 income tax year.
  • Akari also has his invalid mother, Mei, living with him and supports her throughout the income year. In the 2021 income tax year, Mei receives a disability support pension, and has an adjusted taxable income of $1,000.

Required: Calculate Akari's taxable income and net tax payable for the 2021 income tax year. You can assume, for the purposes of this question, that the partnership is not a small business entity.

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