Isla runs a bicycle shop in Wellington. During the tax year ending 30 June 2021, her records indicate:

Receipts:

135,000	Bicycle Sales
35,000	Spare parts and accessory sales
15,000	Compensation receipt (see note A)
250,000	Proceeds for sale of land (see note B)
1,000	Net interest received from an overseas interest-bearing term deposit (see note C)
5,000	Exempt Income
6,000	Cash dividend income (see note D)
25,000	Net salary and wages (see note E)

Payments:

55,000	Purchases of bicycles, spare parts and accessories (see note F)
12,000	Materials (see note G)
39,000	Utilities and rent for the business premises
3,000	Repairs to storage room
1,000	Donation to Oxfam (Deductible gift recipient)

ADDITIONAL INFORMATION:

(A) - Compensation for damaged trading stock after a storage room was broken into

(B) - Isla sold some land purchased in 1984 for $85,000. In 2002 Isla spent $15,000 building new fences for 85% of the boundary after a fire damaged the existing fencing. Isla incurred $13,000 in commissions and advertising fees. Isla had carried forward capital losses of $17,000 from prior years.

(C) - Foreign tax withheld includes $100

(D) - Dividends paid include $4,000 in 100% franked dividends, $2,000 in 50% franked dividends. All dividends are paid by companies listed on the ASX

(E) - Isla also works part time at a local winery. Her employer withheld $3,500 in PAYG withholding. The $25,000 includes $1,000 in travel allowances and $300 in reimbursed phone bills, for which her employer paid

(F) - Opening stock from the prior year $44,000. Closing stock of $37,000 (cost), $42,000 (replacement value). $45,000 (market value).

(G) - Materials include glue and paints for putting together or repairing bicycles

(H) - Isla has a carry forward Division 36 past year trading tax loss of $8,000

(I) - Isla wishes to minimise her tax liability

(J) - Isla has appropriate private health insurance

REQUIRED:

Calculate Isla's taxable income for the year ended 30 June 2021. You are required to present a complete analysis, explaining the treatment of all items and/or elements in this question.