Penny Farthing is 40 years old and an Australian resident for tax purposes. Following the death of her spouse in 2020 she has remained single and assumed sole care of their two children Kim (aged 11) and Kerry (aged 3). The children receive no income. On October 31, 2022 Penny resigned from her job as a nurse at Newcastles John Hunter Hospital and moved her family to commence new employment at the Alice Springs Base hospital in the Northern Territory. Her employment at Alice Springs base hospital commenced on 15 November, 2022 - the date she settled with her family in rented accommodation in the town of Alice Springs. Penny is leasing the home she owns in Newcastle through a real estate agent. Details of Pennys receipts and payments for the year ended 30 June 2023 are as follows (all amounts are inclusive of GST where applicable): Receipts Gross Salary (John Hunter Hospital) note 1 $25,240 Gross Salary (Alice Springs Hospital) note 2 $76,180 Fully Franked Dividend received (ASX listed company) $4,200 Unfranked dividend received (ASX listed company) $1,000 Net Bank Interest received from USA bank note 3 $ 900 Gross Rental Income $10,400 Payments Airfares and removal costs to Alice Springs $3,400 Annual subscription Australian Nurses Association $700 Purchase laptop computer note 4 $2,200 Purchase Brief Case note 4 $270 Purchase and installation of a new air conditioner note 4 $ 980 Other work expenses (all deductible s8-1 ITAA97) $1,230 Additional Expenses relating to the rental property (all deductible) $16,100ACFI 3004 Taxation Trimester 3, 2023 Other information: a. Penny does not have private hospital cover. b. At 30 June 2023 Penny had a HELP/ (HECs) debt of $19,000 relating to her nursing degree that she completed in 2020 at the University of NSW. c. Penny also received $7,000 as her share of her Grandmothers deceased estate. Notes: 1. Pennys payment summary from the John Hunter Hospital Newcastle also showed the following details: PAYG Deducted $4,400 Reportable Fringe Benefits $4,100 Reportable Employer Superannuation Contributions $2,750 2. Pennys payment summary from the Alice Springs Base Hospital also showed the following details: PAYG Deducted $29,000 Reportable Employer Superannuation Contributions $3,250 3. Penny received $1,000 (AUD) gross interest in respect of a deposit she holds with a US Bank. Under US tax legislation, the Bank was required to withhold $100 tax from the interest forwarding Penny the balance of $900. 4. The laptop was purchased new on 15 March 2023. It has an effective life of 3 years and is used 90% for her employment and 10% privately. The briefcase was purchased new on 1 September 2022. It has an effective life of 2 years and is used 100% for her employment. Penny purchased and installed of a new air conditioner for the rental property on 1 June 2023 for a cost of $980. It has an effective life of 10 years. Required Calculate Pennys minimum taxable income and her actual tax payable/refundable for the year ended 30 June 2023. Present all workings in a professional manner including brief comments as to why amounts were not included in Pennys taxable income. Reference to relevant case law, ATO rulings and sections of the Income Tax Assessment Acts are NOT required