For the year ended 30 June 2018, the business income and expenses for APC Restaurant are shown in the following Profit & Loss Statement that was prepared under cash basis:

 

Peter also provides you the following information for his tax return purpose. Besides his own business, Peter is also working as a kitchen hands in another restaurant. His PAYG Summary (previously known as group certificate) shows the following information:

 

Peter has the following other receipts:

 

The following table shows the information about expenses and payments:

 

Peter, single is a resident for tax purpose. He does not have any private hospital insurance.

APC Restaurant Proftit & Loss Statement For the year ended 30 June 2018 Total sales $150,000 Less: Cost of goods sold Gross Proftit $54,000 $96,000 Less: Expenses Advertising $3,000 Rent $27,000 Electricity & Gas $3,500 Salary & Wages Superannuation expense Total expenses $42,000 $3,560 $79,060 Net proftit $16,940