Jeremy is 50 years old, and a resident of Australia for tax purposes. He has provided you with the following information relating to the 2020 income tax year.

Income from partnership

Jeremy is carrying on a business in a partnership with Anna. The partners share losses and profits equally. The partnership agreement also allows the partners to draw a salary if the partners so agreed. It was agreed at the start of the 2020 income tax year that Jeremy would draw a salary of $20,000 for managing the business and that the balance of profits and losses would be shared equally. Between 1 July 2019 and 30 June 2020, the partnership records show the following

• Sales (excluding GST) $90,000
• Jeremy’s salary $20,000
• Other deductible expenses (excluding GST) $10,000

Other income

• Income from part time job $55,000
• Fully franked dividend from ABC Pty Ltd (ABC Pty Ltd is a base rate entity) $1,000
• Unfranked dividend from XYZ Pty Ltd (XYZ Pty Ltd is not a base rate entity) $2,000
• Net capital gain on sale of main residence on 5 February 2020 $140,000

Deductions

• work-related expenses of $275.

Additional information

Jeremy has also advised that:

• He has private hospital cover.
• His current HECS debt is $15,000.
• PAYG withholding tax installments of $25,000 have been deducted from his salary.

Required

Calculate Jeremy’s taxable income, and tax payable or refundable for the 2020 income tax year.