BILL SMITH - receipts and payments for the year Receipts: Gross Salary (PAYG W $20, 000) $110, 000 Fully franked dividend from ACE Financial Services Pty Ltd $80, 000 Rent from investment property $35, 000 Bank interest $12, 000 Payments: Mortgage payment on his family home $65, 000 Interest payment on his investment property $35, 000 Rates and body corporate fees on investment property $12, 000 Land tax $6, 000 Private health insurance (family cover) $5, 600. Calculate the tax payable for Bill Smith for the year ended 30 June 2024