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 (7,000)

Interest income from term deposits 11,000

Cash received from no frank dividends 17,000

A capital gain from the sale of CSLs shares that had been held for three years 52,000

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 $180,000 (PAYG withholding tax instalments of $55,000 have been deducted).

Work-related expenses of $43,000

Traffic Parking Infringement $220

Lottery winnings $1,000,000

Rental income 12,000 and legal fees $540 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.