The Armstrong Family Trust is a discretionary family trust with two resident beneficiaries, Mick and Gavin. During this income year of 2020, the activities of the trust gave rise to the following: $ Loss from rental property (6,000) Interest income from term deposits 9,000 Cash received from no frank dividends 12,000 A capital gain from the sale of CSL's shares that had been 42,000 held for three years The trustee of the trust resolved to distribute 100% of the trust income to Mick. Mick also has the following income and expenses for 2020: Net Salary of $178,000 (PAYG withholding tax instalments of $57,000 have been deducted). Work-related expenses of $23,000 Traffic Parking Infringement $320 Lottery winnings $700,000 Rental income 17,000 and legal fees $640 for pursuing the tenants through the Tribunal for Termination Notice due to non payment of rent. Mick has private hospital cover. Required: Calculate the taxable income and tax payable or refundable for Nick for the income year. Show all your workings