(a)Laurie Howe, a resident taxpayer, operates a small Caf. She lives with her husband Nick.

During the income year of 2019/2020, Laurie had the following transactions:

Items

Amount

Sales

$336,800

Purchases of trading stock (including cakes and cones supplied by her husband Nick for $12,000 which had a market value of $7,000)

124,100

Trading stock on 1 July 2019

15,300

Trading stock on 30 June 2020

8,900

Other deductions

143,200

Ignore any personal consumptions of the trading stock by Laurie and her husband.

Required:

Calculate Laurie's taxable income for the 2019/2020 tax year