Determine the taxable income and the tax payable /refundable of the following individual resident taxpayers for 30 June 2021. You must give reasons for your answer. Your discussion must include an analysis of the pertinent sections of the relevant legislation, rulings and the relevant case law. If relevant, you must show your calculation. You must apply the law to the facts given in this question and provide YOUR OWN analysis of the issues. Calculations must be included where relevant. On 1st September 1990 Peter bought his home at Strathfield for $350,000 and lived there with his wife and children until he sold it on 1st August2021 for $4,100,000. He had spent $750,000 to renovate and extend his home. Living next door to Peter is a difficult neighbour who pursued Peter through the court of law for an allegedly defective swimming pool that Peter had erected without the Councils final approval. To this end the Peter had a good day in court and was awarded legal costs to the tune of $17,000 against his neighbour. Peters legal bill was $29,000. For the financial year 2021, Peter received $180,000 salaries with PAYG $58,000. Peter also purchased an antique clock for $480 in June 2017 and sold it in June 2021 for $5,000.