Ryan designs and makes clocks. He sells the clocks through a website. His books of account provide the following information:

1 July 30 June

Completed clocks ready for sale $15,000 $27,000

Partly completed clocks $10,000 Nil

Material for body of clocks $24,000 $800

Clock mechanisms $1,500 $2000

Total purchases of material during the year = $3,000

Total purchases of clock mechanisms during the year = $1,000

Total sales of clocks during the year = $50,000

Fees to accountant = $450

Rental of premises = $10,000

Advise Ryan of his income tax consequences arising from the above information.