Tom owns a business called Tom's 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 Tom's receipts during the 2019-20 financial year: $ 220,000 53,000 Particulars Tom's 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. 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. 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 re- invested. Interest of 5% was paid on the invested money. Fully franked dividends includes franking credits of $5,143 were attached. Unfranked dividend 22,050 12,000 4,000 Required: Assuming Tom does not have allowable deductions, you are required to calculate Tom's taxable income and net tax payable. Calculation of Tom's business income Calculation of Tom's taxable income Calculation of Tom's tax on taxable income Calculation of Tom's net tax payable Tom owns a business called Tom's 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 Tom's receipts during the 2019-20 financial year: $ 220,000 53,000 Particulars Tom's 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. 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. 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 re- invested. Interest of 5% was paid on the invested money. Fully franked dividends includes franking credits of $5,143 were attached. Unfranked dividend 22,050 12,000 4,000 Required: Assuming Tom does not have allowable deductions, you are required to calculate Tom's taxable income and net tax payable. Calculation of Tom's business income Calculation of Tom's taxable income Calculation of Tom's tax on taxable income Calculation of Tom's net tax payable