Mac Hasic is a 40-year-old resident taxpayer who operates an accounting practice. As a sole practitioner, Mac recognises his income and deductions on a cash basis. He also elects to apply all available small business concessions,
During the 2019/20 tax year, the following transactions relate to his Business:
Receipts (exclude GST)

Receipts from Clients $372,000

Proceeds from the sale of old photocopier on 1/7/19 (currently in the 2,700
general small business pool)

PAYMENTS RELATING TO BUSINESS (excluded GST)

Net Wages paid to employees 94,000

PAYG withheld from wages and forwarded to ATO 24,000

Purchase of new Photocopier (1/7/19, effective life 6 years) 31,000

Rent of Office 62,000

1 July 2019 30 June 2020

Debtors $ 31,500 $ 34,700

General SBE Pool Balance 48,900

PAYG Tax payable to ATO 2,400 3,800

Rent Paid in Advance ($2,000 per month) 2,000 4,000

Calculate Mac's taxable income for 2019/20 tax year.

Is the General SBE pool balance able to be written off in full?