Tex Milliken, aged 59 and above preservation age retired from his employment as chief accountant of Acme HoldingsLimited. He received a golden handshake lump sum of gross $210000, from which $35920 PAYG taxwas withheld. This was comprised entirely of a taxable component. Tex did not derive any other taxable income during the year and did not have any deductions. He has private hospital insurance and did not have any unused leave or salary outstanding upon termination.

Calculate the taxable income and income tax payable / (refundable).