Matt, Amber and Georgie start a business advisory practice using a partnership structure and Matt and Amber invest $150,000 each. The partnership agreement provides:

Both Matt and Amber are to receive interest at the rate of 6% pa on their capital contribution of $150,000.

Georgie will receive a salary of $70,000 for the management of the practice, as well as superannuation contributions of 14,000.

A car will be leased by the business and provided to Georgie.

All profits and losses are to be shared equally between the three partners.

The accounts for the 2016/2017 year show the following:

Income ($) Services rendered (excluding GST) $1,230,000

Expenses ($) Operating costs $400,000

Interest on capital paid to Matt and Amber $18,000

Salary to Georgie $70,000

Superannuation to Georgie $14,000

Lease payments on car (excluding GST) $11,000

Other deductible expenses (excluding GST) $90,000

The leased car was used 80% of the time for business and 20% of the time for private purposes.

Calculate and explain the partnership net income and distribution for the year ended 30 June 2017, making reference to any relevant statute, and/or general law.