Steve and Annika ran a gymnasium as equal partners. Their clients paid a joining fee of $100 each, which was not refundable, and in addition paid a subscription for three, six or twelve months. Their gymnasium was very successful, and they moved into larger premises during the year. Relevant income and expenditure used in calculating the net profit of $230,000 are as follows: Income Joining fees Subscriptions $ 10,000 850,000 $250,000 of this represented gym classes not taken at 30th June 2021. Many of these classes would never be taken by members who would not ask for a refund. In a few instances members would ask for a refund which was usually given on medical grounds or when members were transferred out of Perth Lease premium received when old premises were rented out 25,000 Dividend franked to 100% from National Australia Bank 3,800 Franking credits of $1,628 are attached Expenses Accounting fees Bank fees and charges Lease preparation expenses The business leased new, larger premises on 13 February 2021. The new premises were leased for 6 years. Loan repayments to bank. The capital balance reduced by $80,000 during the year 4,900 9,800 3,500 95,000 Superannuation for employees 10,500 Interest on capital provided by Steve and Annika 20,000 (paid equally) Telephone expenses 50,000 Wages for employees 150,000 Wages - Steve $65,000 and Annika $60,000 125,000 Required: Reconcile the net profit of the partnership to the net income and calculate the taxable income and net tax payable by each partner