Bruce Whelan established the "Whelan Family Trust" in 1990 with ABC Pty Ltd as the corporate trustee. Bruce and his wife May are the directors of the trustee company. The trust holds a variety of investments in property and cash. The trust was established to protect the investments as Bruce is a tax accountant and he is always concerned that he could be sued for negligence. The trust records for the 2021 income year disclose the following: Receipts ($) 80,000 Rent from investment properties

20,000 Interest from a bank account 20,000 unfranked dividends Payments ($) 2,500 Accounting expenses for tax return 10,000 Repairs to investment properties 3.500 Interest on a loan for the investment property 4,000 Legal expenses incurred in defending a claim by a tenant

May does not work. Bruce is a senior tax manager and received a salary of $180,000 in this income year. He has three children: a son, John, aged 21 years, a university student who earns $12,000 per year from a job in hospitality; a daughter, Kim, aged 19, a full-time university student; and a second daughter, Amy, aged 16 years, a full time high school student. Bruce has his grandmother living with him. All family members are beneficiaries of the trust. Bruce also established a corporate beneficiary and this is available to receive trust distributions. Required: Calculate the net income of the Whelan Family Trust for the 2021 income year and advise Bruce as to how he can distribute the net income in a tax-effective way.