Kylie Jonesisawell-known pianistwho moved from New York, United States,to Sydney, Australia,on 1 August 2019 to work for Sydney Symphony Orchestra. Her remuneration includes a salary of $450,000 plus $50,000 bonus per year and a contractual term of twoyears. Kylie obtained Australian permanent residencysince 15August 2019 and setup the music school which is called NY Music School on 1 September 2019. Sheis the sole owner and principal of music school located in Sydney's inner city. She hiresfivemusiciansto teach school studentsduring weekend.The following information relates to Kylie's business for the year ended 30 June 2021: Cash received from clients in 2020/2021$300,000Unpaid accounts as at 30 June 2021$50,000Unpaid accounts as at 30 June 2020$60,000Salaries paid to five musicians $120,000Other expenses paid $40,000-During the year Kylie also paid $65,000 PAYG withholding tax to the ATO when she lodged her Business Activities Statements.-Kylie requested a client who owed her $1,500 for services she had provided in May to have the full amount paid to a charity (Red Cross) on 5 July2021. -On 26 May 2021, Kylie received an iPad (market value $1,000) from one of her clients. It was accompanied by a note thanking Kylie for her service.Kylie also bought the following assets in Sydney since she obtained permanentresidency:A family house in Paddington: acquired on 1 December 2019 at a cost of $2,400,000 Furnitures: acquired on 1 January 2020 at cost of $150,000Painting: acquired on 2 February 2020 at cost of $200,000 were sold for $180,000 on 1 December 2020. 50,000 Shares in CBA: acquired on 15 February2020at a cost of $400,000 were sold for $550,000 on 16May 2021. On2 March2021, Kyliesold the following overseas assets which she bought before she came to Australia: 60,000 shares in a US company: acquired on 1 May1982 at a cost of $30,000 and was sold for $70,000. The market value was$12,000 as at 1 August2019. A vintage motor vehicle built in 1950: acquired on 15 November 2015 at a cost of $300,000and was sold for $450,000. The market value was $280,000 as at 1 August 2019.

An investment flat in New York: acquired on 15 June2005at a cost of $500,000 and was sold for $580,000. The market value was $650,000 as at 1 August 2019.Kyliestill maintains a bank account at the Bank of New York in New Yorkwhich deposited a total of $500interest income into her bank account during the year 2020/2021.Bank of New York Paid 15% withholding taxto the US tax authority, Internal Revenue Service. REQUIRED1. Advise Kylieon what amounts have to be included in hertaxable income for the 2020/2021tax year. (18 Marks)2. Calculate theassessable income which Kylie needsto declare in herincome tax return. (2Marks)