Hello,i will have a online test which is related to this file.Please help to to this

Case Study 1 Income Mr Joe Black is an accountant for a mining company in Perth and over a number of years has managed to create an investment portfolio. During the current year he received dividends as well as interest from his investments. Unfortunately for Mr Black he was involved in a serious accident and received compensation from his insurance company for both pain and suffering as well as for loss of wages during the time he was unable to work. During his spare time Mr Black volunteers with the Army Reserves and during the current year he was paid $8765.00. Mr Black had $1256.78 in allowable deductions for the current year. The details of his income received during the year are as follows: 1) Gross Salary from mining company $85,000, his employer remitted to the Australian Taxation Office the amount of $15,022.89 in PAYG Withholding. He was also reimbursed $135.00 for the use of his private motor vehicle when she needed to drive down south to attend a conference. Mr Black took some annual leave in June of the current year but was not paid the $3567 till the next financial year. 2) Dividends Received Company Dividend BHP $4000 Woodside $7089 Rio Tinto $1020 Commonwealth Bank $1434 3) Interest Received Franking Credit $933.33 $3038.14 $437.14 $614.57 Bank Commonwealth Bank ANZ Bank William Parrish a friend of Mr Black who he lent $10,000 to so he could buy a car Interest $341.56 $1598.00 $100.00 4) Compensation Payment Mr Black received the sum of $100,000 from his accident and the insurance company broke the payment into the following components Component Pain and suffering Future Medical Expenses Loss of earnings Amount $67,000 $25,000 $8,000 What you should do to prepare for the online test a) Calculate Mr Black's taxable income and his net tax payable including Medicare for the current year. b) Provide the legislative references from the Income Tax Assessment Act 1997 and 1936 for each of the items that make up your taxable income c) Provide reasons for the exclusion of income with legislative references from the Income Tax Assessment Act 1997 and 1936