Tom owns a business called Toms Band in Westfield Sydney selling musical instruments. Tom also teaches guitar on a casual basis at the Sydney Guitar School a local musical college. The following are Toms receipts during the 2019-20 financial year:

- Toms Band sales include $2,500 from sales of musical instruments made last year. In addition, there is a sale of $3,200 made in April of the current year but not yet paid. 220,000

- Salary from the Sydney Guitar School. This includes Long Service Leave of $4,200 which Tom is going to take in July of the following year. 53,000

- Tom has withdrawal from bank. This was made up of the original capital deposited of $20,000 plus interest of $1,000 which was paid last year and reinvested. The interest of 5% was paid on the invested money. 22,050

- Fully franked dividends includes franking credits of $5,143 were attached. 12,000

- Unfranked dividend 4,000

Required: Assuming Tom does not have allowable deductions, you are required to calculate Tom's taxable income and net tax payable.

Basically the following calculation should be calculated:

Calculation of Toms business income (2mark)

Calculation of Toms taxable income (3mark)

Calculation of Toms tax on taxable income (3mark)

Calculation of Toms net tax payable. (2mark)

Note: This is Australian Taxation Law questions!