Betty Smith is an accountant at ACE Ltd, a manufacturer of high-quality high-end furniture. Betty received the following remuneration package from her employer for the year ended 30 June 2024. Gross salary of $160,000 per annum. Her employer has paid $45,000 to the ATO as PAYGW. Payment of her mobile telephone bill of $2,000 per annum. The telephone is used 100% for business purposes. The payment of Betty's children's school fees of $45,000 per year. The provision of a laptop computer valued at $2,300. This is used 100% for business. A bonus based on performance of $25,000 this financial year. A travel allowance of $2,400 for using her own motor vehicle for work related purposes. Aloan of $50,000 at 0% interest for 5 years. The FBT rate of interest provided by the ATO is 6% for the 2023 2024 year. The payment of $750 for Betty's annual members fee to CPA Australia. An all-expenses holiday package to Singapore valued at $8,332 for her and her family. Betty has a total of work-related deductions of $16,680 which includes her own calculation of her motor vehicle use using the cents per kilometre method of $4,356. Required Calculate Betty's taxable income this financial year and explain how each item is treated for taxation purposes