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. I Required: Calculate the taxable income and tax payable or refundable for Nick for the income year. Show all your workings. You must give reasons for your answer. Your discussion must include an analysis of the pertinent sections of the relevant legislation, rulings and the relevant case law. If relevant, you must show your calculation. You must apply the law to the facts given in this question and provide YOUR OWN analysis of the issues. Calculations must be included where relevant