Tom owns a business called Toms Band in Westfield Sydney selling musical instruments. Tom also teaches guitar
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Question:
Tom owns a business called Tom’s Band in Westfield Sydney selling musical instruments. Tom also teaches guitar on a casual basis at the Sydney Guitar School a local musical college. The following are Tom’s receipts during the 2019-20 financial year:
Required:
Assuming Tom does not have allowable deductions, you are required to calculate Tom's taxable income and net tax payable.
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