Shane is an Australian resident for tax purposes. During the year he derived gross business income of $152,200 and had business deductions of $87,000 (PAYG Instalments paid $15,100), $8,600 interest from an overseas bank account, net of $3,400 tax, and rent of $18,000 from a property in UK which he owns, net of $6,500 tax. He has adequate private health insurance

Required:

For the year ended 30 June 2020, calculate Shane's:

a)taxable income

b)net tax payable or refundable