Calculate Sue and Paul's annual after-tax income for the year ended 30th June 2022. Also, explain how Sue and Paul could reduce their tax liability by splitting their income. Show the effect of this strategy if they had split income for this current tax year.

Sue, aged 48 and Paul, aged 49 have two daughters- Leena aged 17 and Reena aged 15. Sue works as a part-time teacher in a secondary school and earns a $26,000 p.a. salary (plus minimum superannuation guarantee contribution). Paul works as a dentist and earns $145,000 (plus minimum superannuation guarantee contribution). Paul is anxious about their post-retirement financial situation. The couple has approached you for financial advice in respect of reducing the tax payable and their retirement planning. * The couple has elected to use the 24.608% rebate on a premium payment of private health insurance to determine the tax payable by Paul Sue's Superannuation asset allocation Additional Information: - Until now, their savings and investment were merely tax-saving purposes, driven without any focus on long-term retirement financial planning. These were random advice from friends in the past. For example, Sue makes a personal contribution to her superannuation account, in no case more than the concessional contribution cap. This helps Sue to save tax/ works as a tax-saving strategy for Sue. - The couple has purchased a holiday home (beachside) in the name of Sue for $700,000, partly financed by bank borrowings and their savings over the years. The property market has done good in recent years, as the present value of this investment property is over one million dollars. They intend to move into this house after retirement. - Sue is concerned about the performance of her superannuation. She would like to know how much return her superannuation is making. She describes herself as a conservative investor and has noticed the value of a superannuation portfolio goes up and down too much for her liking. - Pay-as-you-go (PAYG) tax instalments for Paul amounted to $29,600. Sue, aged 48 and Paul, aged 49 have two daughters- Leena aged 17 and Reena aged 15. Sue works as a part-time teacher in a secondary school and earns a $26,000 p.a. salary (plus minimum superannuation guarantee contribution). Paul works as a dentist and earns $145,000 (plus minimum superannuation guarantee contribution). Paul is anxious about their post-retirement financial situation. The couple has approached you for financial advice in respect of reducing the tax payable and their retirement planning. * The couple has elected to use the 24.608% rebate on a premium payment of private health insurance to determine the tax payable by Paul Sue's Superannuation asset allocation Additional Information: - Until now, their savings and investment were merely tax-saving purposes, driven without any focus on long-term retirement financial planning. These were random advice from friends in the past. For example, Sue makes a personal contribution to her superannuation account, in no case more than the concessional contribution cap. This helps Sue to save tax/ works as a tax-saving strategy for Sue. - The couple has purchased a holiday home (beachside) in the name of Sue for $700,000, partly financed by bank borrowings and their savings over the years. The property market has done good in recent years, as the present value of this investment property is over one million dollars. They intend to move into this house after retirement. - Sue is concerned about the performance of her superannuation. She would like to know how much return her superannuation is making. She describes herself as a conservative investor and has noticed the value of a superannuation portfolio goes up and down too much for her liking. - Pay-as-you-go (PAYG) tax instalments for Paul amounted to $29,600