Peter and Paul are partners in a partnership. Their share of the partnership profits and losses are 60% and 40% respectively. Peter is a resident and Paul is a non-resident. In this income year, the partnership derived the following income:

• interest income from an Australian Bank Account: $30,000
• interest income from an overseas bank account: $18,000

Calculate the net income of the partnership and explain how that amount will be allocated and assessed in the hands of Peter and Paul.