The topic is Australian Tax law

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Mr Kleenex and Ms Sorbent own and operate a tissue retail business. The partnership agreement indicates that Mr. Kleenex is entitled to 60% of the profits and Ms Sorbent 40% The accounting net profit for the year was $525,000. Selected items included in the Profit and Loss Account were: Income Franked dividends of $51,000 from public companies with franking credits of $21,000 attached Unfranked dividends of $3,000 from public companies without franking credits attached. Interest on drawings - Mr Kleenex 1,250 $ Ms Sorbent 750 40,000 Expenses Interest paid to Mc Kleenex for monies borrowed to purchase the above shares. Salaries taken by Mr Kleenex and Ms Sorbent in their profit sharing proportions. Interest paid on capital - Mr Kleenex 90,000 2,250 - Ms Sorbent 1,350 Superannuation paid for partners - Mr Kleenex 22,750 - Ms Sorbent 13,850 Additional Information Mc Kleenex taught personal hygiene classes to seniors each Wednesday and he received $5,000 for the financial year. Required: Calculate the net income of the partnership, the taxable income and net tax payable of each partner in the current year. You are not required to calculate the small business tax offset. Mr Kleenex and Ms Sorbent own and operate a tissue retail business. The partnership agreement indicates that Mr. Kleenex is entitled to 60% of the profits and Ms Sorbent 40% The accounting net profit for the year was $525,000. Selected items included in the Profit and Loss Account were: Income Franked dividends of $51,000 from public companies with franking credits of $21,000 attached Unfranked dividends of $3,000 from public companies without franking credits attached. Interest on drawings - Mr Kleenex 1,250 $ Ms Sorbent 750 40,000 Expenses Interest paid to Mc Kleenex for monies borrowed to purchase the above shares. Salaries taken by Mr Kleenex and Ms Sorbent in their profit sharing proportions. Interest paid on capital - Mr Kleenex 90,000 2,250 - Ms Sorbent 1,350 Superannuation paid for partners - Mr Kleenex 22,750 - Ms Sorbent 13,850 Additional Information Mc Kleenex taught personal hygiene classes to seniors each Wednesday and he received $5,000 for the financial year. Required: Calculate the net income of the partnership, the taxable income and net tax payable of each partner in the current year. You are not required to calculate the small business tax offset