Alex and Pam are carrying on a business as partners. The partnership agreement provides that Alex is to be paid an annual salary of $50,000. The balance is to be distributed equally between Alex and Pam. The partnership agreement also provides that in the case of losses, the partners are to share the losses equally. The partnership's assessable income for the income year is $60,000. Deductible expenses are $80,000. (10 marks) Required: What are the tax consequences for the partnership and each partner? (Australia tax law)