Ray and Louie are partners in a business. According to their partnership agreement, they must share profits on a 40% (Ray) / 60% (Louie) basis after partners' salary of $5,000 each and interest on capital account. Ray is entitled to receive interest of $8,000 on his partnership capital account. Losses are also shared on the same basis.

During the 2019 tax year, Ray received wages of $25,000 from his job as a security guard. Louie received $65,000 in unfranked dividend on his Watpac shares.

At the end of the 2019 tax year, their partnership profit and loss show that Ray and Louie have been paid a salary of $5,000 each and Ray had received his $8,000 interest on the capital account. The business made an accounting profit of $5,000 (after paying the above-mentioned salaries and the interest on the capital account).

Required:

Calculate Ray's Taxable Income for the year ended 30 June 2019.