Jack and Jill, both 40 years of age, are equal partners in a business, Couple Toys which is not an SBE. The accounts for the current year show the following:

• Trading income $300000
• Trading expenses 50000
• Salary to employees 10000
• Salary to Jack 12000
• Superannuation to employees 3000
• Superannuation to Jack 3000
• Interest paid on capital for Jill 3500

The partnership made a loss of $10000 in the previous year. Calculate the net income of the partnership and the taxable income and any tax offset of the partners for the current year.

Partnership Net Income

Category	Item	Law	Total mount
Income	Various items		$
Deductions	Various items		$
Previous Year Loss			$ (enter 10000 or 0)
Net income		s , ITAA 1936	$

Distributions

	Jack	Jill	Total
Share 50:50	$ (50%)	$ (50%)
Income	$	$
Deductions	$	$
Total partnership distributions	$	$	$