Steve and his cousin Alex started an equal partnership business, Euca sanitizer, motivated by the increase in the recent demand for hand sanitizer during the COVID -19 pandemic. Steve lives in Sydney and is an Australian resident for tax purpose. Alex however, is resident of New Zealand and is foreign resident for tax purpose in Australia. On 30 June 2020, Euca Sanitizers partnership net income is $300,000, 60% of the income is generated from selling hand sanitizer to Australian retailers and 40% comes outside Australia form sale of hand sanitizer to New Zealand retailers. Required: With reference to relevant provision of ITAA 97/ITAA36, discuss how the partnership income is taxed.

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