Virat aged 68 years; a resident taxpayer is retired. He has the following income: Table 5: Virat's income Fully franked dividend $49,000 Superannuation Income Stream $30,000 Details of his capital gains are as follows: Table 6: Capital gains Gain on sale of Rio Tinto shares $40,000 Loss on sale of David Jones shares $(2,000) Gain on sale of British petroleum shares (purchased August 2020 and sold February 2021 $5,000 Gain on sale of Painting $6,000 Loss on sale of antique dining room table $(4,000) Loss on sale of leather lounge suite $(3,000) Billy has a loss carried forward from 19/20 from the sale of a rare coin $(2,200) Note 1: Virat began buying and selling shares after 1 January 2000. Note 2: Virat does not have any allowable deductions. Task 2 Question Question 1: Calculate Virat's taxable income. Table 7: Virat's taxable income