2TAXATION LAWAnswer to question 1: Computation of Net Tax Payable from partnership businessComputation of Net Tax PayableTaxpayer: Jack and JillInclusive ofGSTGSTParticularsAmount ($)Amount($)SectionAmount($)Purchase150001500Section 6-5 of ITAA 9713500Purchase outside Australia13001301170Assessable Income:Cash receipts from sale of trading stock $5,000.00 $500.00 Section 6-5 of ITAA 97 $4,500.00 Gross Income $1,15,000.00 Section 6-5 of ITAA 97 $1,15,000.00 $1,130.00 $1,34,170.00 Total Assessable Income $ 1,33,040.00 Allowable Deduction:Wages $8,000.00 $800.00 Section 8-1 of ITAA 97 $56,112.00 Rates $ 250.00 $ 25.00 Section 8-1 of ITAA 97 $225.00 Insurance $ 750.00 $ 75.00 Section 8-1 of ITAA 97 $1,750.00 Improvements to the gift stock $900.00 $90.00 Section 8-1 of ITAA 97 $810.00 Accounting Fees $500.00 $50.00 Section 8-1 of ITAA 97 $650.00 Lease Payment on Car $2,000.00 $200.00 Section 8-1 of ITAA 97 $1,800.00 Other Expenses $120.00 $12.00 Section 8-1 of ITAA 97 $108.00 Ex-Australian Import Duties $ 100.00 Total Allowable Deduction $ $

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