Please note this is an Australia tax question, please refer to Australian tax rate. 

** Please use relevant rates and legislation for the 2022/23 financial year. TASK 1 Larry Backwater, a resident primary producer had the following receipts and payments during the2022/23 year: RECEIPTS Sale of Sheep (13,400 head) - note 2 326,000 Wool sales — note 3 104,000Insurance Recovery — note 4 19,000 PAYMENTS Purchase of Sheep (3,200 head) 43,000Connection of telephone lines 15,000 Note 1 - Past elections During the 2021/22 year, Larry elected to defer tax profit of $80,000 from the forced disposal ofsheep. Larry has elected to spread using the election under s.385-105. Note 2 - Sheep tradingDuring the year, there were also:o Natural increase (11,500 head)e Deaths (1,200 head)e Rations (100 head, 40 of which were taken by Larry)e Opening stock was 4,200 head valued at $49,600. e Larry chooses the prescribed rate for natural increase and average cost for valuing stockand rations. Note 3 - Wool trading Transactions relating to wool sales as follows: August clip May clip (due to flooding)Gross Sales $74,000 $38,000 Less: Commissions & Selling costs | $5,000 $3,000Net Receipts $69,000 $35,000 Shearing expenses $13,000 $8,000 Note 4 - Insurance recovery The insurance recovery relates to 700 sheep that were lost in floods.REQUIRED: Using the template provided: e (Calculate Larry's taxable income for the 2022/23 tax year. Use any available elections tominimise his taxable income.