David Gosper is a Chartered Accountant with his accounting practice in the form of sole proprietor. The receipts and payments (excluding GST) for the year ended 30 June 2022 were as follows: Receipts Professional fees: $200,000 Income from part-time teaching at a university: $20,000 Interest on bank deposits: $5,000 Rental income from an investment property: $26,000 Fully franked dividends received from an Australian resident company: $7,000 Payments Office rent: $26,000 Salary paid to a part-time secretary: $50,000 Electricity: $3,000 Office sundry expenses: $10,000 Train fares from home to work: $500 Entertainment: $2,000 Interest paid on loan to acquire the investment property: $40,000 Council rate and water for the investment property: $2,000 Cost of repairing roof tiles of the investment property: $3,000 Cost of extending a bathroom in the investment property: $30,000 David Gosper has a carry forward past year tax loss of $20,000. He was single and had a private hospital insurance from 1 July 2021 to 30 June 2022. REQUIRED Assuming that David Gosper is a resident of Australia for tax purposes at all times, calculate his assessable income, allowable deductions, taxable income and tax liability for the year ended 30 June 2022. With reference to case law and statutory law, explain whether the aforesaid receipts are assessable income and payments are allowable deductions under the Australian tax law in the Part B calculations