In March 2019 Javed Miandad took early retirement from his job as a lawyer in Sydney. He had done some fishing as a young man and decided to build a boat to undertake commercial fishing off the coast of NSW. The boat was completed, at a cost of $92,500, equipped with fishing gear and radio and registered with the Department of Fisheries in January 2020. Miandad was issued with a fishing licence in February 2020 and commenced fishing activities in July 2020. He hired one person to assist him but caught a few fish because of the inexperience of his assistant. He engaged another assistant but had trouble with the radio and so could not take the boat out overnight to the best fishing grounds. For the period ended 30 June 2021, he sold $30,600 worth of fish and had expenses of $17,000. For the year ended 30 June 2022, he sold $34,000 worth of fish and had expenses of $14,000. In October 2022 he sold the boat and took up volunteering at a charity op shop

Required Case 2 Javed Miandad has come to you for tax advice as he has not lodged his tax return since he started he decided to go into the fishing business. Advise Miandad of the tax implications of these activities and what amounts would be assessable to him.