Alasdair is an accountant. His wife Tracy is a retired lawyer. Both wish to remain active and they invest in a gift shop that is to be managed by their daughter Carol, who is aged 35. They form a partnership of three called "Carol's Gift Shop". Alasdair and Tracy contributed $60,000 each to fund the purchase of the shop. The partnership agreement provides: Both Alasdair and Tracy are to receive interest at the rate of 9% pa on their capital contribution of $60,000. Carol will receive a salary of $35,000 for the management of the shop, as well as superannuation contributions of $9,000. A car will be leased by the business and provided to Carol. All profits and losses are to be shared 30:30:40 between the three partners A:T:C. The accounts for this income year show the following: 340,000 Income ($) Sales (excluding GST) Expenses ($) Cost of goods sold Interest on capital paid to Alasdair and Tracy Salary to Carol Superannuation to Carol Lease payments on car (excluding GST) Other deductible operating expenses (excluding GST) 230,000 2,000 35,000 9,000 10,000 24,000 The leased car was used 90% of the time for business and 10% of the time for private purposes. With reference to the facts above: 1 Calculate the net income of the partnership. Show the allocation of net income to each of the three partners. 2 Explain if the provision of the motor vehicle by the partnership to Carol imposes any fringe benefits tax liability on the partnership