Jenny and Alex are in a partnership as retailers of electrical goods. The partnership records, exclusive of GST, for this income year disclose:

Receipts ($):
450,000	Gross receipts from trading
Payments ($):
150,000	Purchases of trading stocks
40,000	Partners' salaries (each)
3,000	Interest on cash advance made to the partnership by John
50,000	Salaries for employees and rent paid
5,000	Legal expenses in recovering bad debts

Other details:

1 Jenny and Alex share partnership profits equally

2 Trading stock on hand 1 July: $15,000

3 Trading stock on hand 30 June: $25,000

4 Jenny's personal records disclose:

1 Gambling winnings: $5,000

2 Net salary as a part-time instructor (excluding PAYG tax instalments of $3,000): $6,000.

3 Subscription to professional journals: $700

5 Jenny is a member of a private health fund.

Calculate Jenny's taxable income for the income year explaining your treatment of each item in this question