On 1 October 2022, Drew and Kramer commenced a partnership. As Drew had contributed most of the working capital, the partnership agreement provided that Drew would receive 60% of the net partnership income. For the year ending 30 June 2023 the partnership returned net income of $120,000. This was after a payment of $10,000 in interest to Drew on the capital which he had contributed to the partnership. 

Answer the following: 

1. Calculate the net income of Drew from the partnership for the year ending 30 June 2023.

2. Advise Drew of his tax liability for the 2022/2023 income tax year if, in addition to the net income from the partnership, Drew also receives investment income of $700 fully franked dividends, rental income of $5,000 and allowable deductions in respect of rental income of $1,000.