Henry, aged 61, and Beatrice, aged 58. are directors of SCG Pty Ltd. SCG Pty Ltd is the trustee of their self managed superannuation fund, the Henrice SMSF.

Henry has $750,000 in the Henrice SMSF of which $500,000 is supporting a transition to retirement account based pension. Henrys total amount is all Taxed Element of the Taxable Component.

Beatrice has $500,000 in the Henrice SMSF. Beatrice has $100,000 Tax Free Component and $400,000 Taxed Element of the Taxable Component.

During the financial year, the following transactions was conducted by SCG Pty Ltd as Trustee for the Henrice SMSF:

• Received a $10,000 contribution from Henrys employer;
• Received a contribution of $20,000 made by Henry on his own behalf with a Section 290-170 Notice of his intention to claim this as a tax deduction;
• Received a $5,000 contribution from Beatrices employer;
• Received a contribution of $100,000 made on behalf of Beatrice with no intention of Beatrice claiming this contribution as a tax deduction;
• An interest payment of $12,500;
• A capital gain of $50,000 from the disposal of an asset that was owned by SCG Pty Ltd as Trustee for the Henrice SMSF for more than 12 months;
• A capital gain of $20,000 from the disposal of an asset that was owned by SCG Pty Ltd as Trustee for the Henrice SMSF for less than 12 months;
• Dividends from publicly listed companies of $50,000 that are fully franked; and
• Paid $8,000 in life insurance premiums for a life insurance policy on the life of Henry and $6,000 in life insurance premiums for a life insurance policy on the life of Beatrice. These policies were owned by SCG Pty Ltd as Trustee for the Henrice SMSF; and
• $3,500 in ongoing fees charges regarding the operation of Henrice SMSF.

Advise SCG Pty Ltd as Trustee for the Henrice SMSF of the tax they must pay, please show workings.