X and Y are equal partners in a business partnership. The income and expenses of the partnership are as follows:

Income

$

Sales

$530,000$

Franked Dividend

$7500$

Franking Credit attached to Dividend

$2500$

Interest on Drawings received from Partner Y

$7,200$

Expenses

Operating costs deductible under s$\mathrm{.}8-1$

$93,000$

Staff salaries

$55,000$

X$\text{'}$s salary

$53,000$

Y$\text{'}$s salary

$8,000$

Staff superannuation

$5,500$

X$\text{'}$s superannuation

$12,000$

Y$\text{'}$s superannuation

$450$

Interest on capital paid to Partners X

$3500$

Interest on Capital paid to Partner Y

$3000$

Interest paid on loan from Partner X

$20000$

The net income of the partnership is: