QUESTION6.11(Various concessions applied)Mac Hasic is a40-year-oldresident taxpayer who operates an accounting practice. Asa sole practitioner, Mac recognises his income and deductions on a cash basis. Healso elects to apply all available small business concessions.During the2019/20tax year, the following transactions related to his business:RECEIPTS(exclude GST)Receipts from Clients$ 372,000Proceeds from sale of old photocopier on 1/7/19(currently in thegeneral small business pool)2,700PAYMENTS RELATING TO BUSINESS(excludes GST)Net Wages paid toemployees94,000PAYG withheld from wages and forwarded toATO24,000Purchase of new photocopier (1/7/19, effective life 6 years)31,000Rent of office62,0001 July201930 June 2020Debtors$ 31,500$ 34,700General SBE Pool Balance48,900PAYG tax payable to ATO2,4003,800Rent Paid in Advance ($2,000 per month)2,0004,000Calculate Mac's taxable income for the2019/20tax year.