Alyssa and Austen commenced a car dealership business in 2019 as equal partners. Each owns a 50% interest in assets of the partnership.

The sales income derived by the partnership for the year ended 30 June 2022 is $16m.

On 5 February 2022, the partnership sold a number of assets that were used in the partnership:

Asset
Small block of land (CGT asset)	Capital gain $300,000 (not eligible for the 50% CGT discount)
Coffee machine (depreciating asset)	Deductible loss (balancing adjustment) $20,000

The partnership also has the following expenses for the year ended 30 June 2022:

Expenses	$
Miscellaneous deductible business expenses	9,200,000
Salary to Austen	500,000
Salary to employees	3,800,000
Interest paid on a loan provided by Alyssa	60,000
Losses brought forward from 2021 income year	200,000

The partnership also had $200,000 losses brought forward from the 2021 income year.

You may assume that the CGT small business concessions do not apply.

Question 4 [9 marks]

Calculate the partnership's net income and Alyssa's share of the net income of the partnership for the year ended 30 June 2022 under s 92 ITAA36. Show all workings and explain any exclusions from the net income of the partnership.