The following information is provided by Jarrod Waite (a resident individual) who works as an employee of a sporting goods business as well as carrying on a business of personal training in partnership with his spouse.

Income:

Net salary from his employer 60,000

(payment summaries show that $12,000 tax has been withheld)

Car expense reimbursements from his employer

(own car used, based on 4,000km at 40 cents/km) 1,600

Fringe benefits received from employer 8,000

Drawings from partnership of Waite & Waite 2,500

Dividends from US resident company (net of US withholding tax of $15) 85

Expenses:

Tax agent fees to lodge his prior year return (paid on 1 December 2019) 350

Payment for 12 months business insurance (on 1 May 2020) 1,200

Travel costs between work and clients premises 800

Premium on his own life insurance policy 1,000

Other Information:

• Jarrod sold some BHP shares on 30 May 2020 for $17,000. He had purchased these in May 2000 for $9,900. Brokerage was $100.
• He also sold Telstra shares in July 2019 for $7,000. They cost him $11,900 in June 2000. Brokerage costs on sale were $100.
• The accountant to the partnership of Waite & Waite has advised that Waites share of net partnership profit is $25,000.

Required:

Calculate Jarrod's taxable income for the year ended 30 June 2020, explaining the taxation treatment of each revenue and expenditure. Justify your answers with reference to case law and ITAA sections where appropriate.