Question: Case Study 1 Henry, aged 61, and Beatrice, aged 58. are directors of SCG Pty Ltd. SCG Pty Ltd is the trustee of their self

Case Study 1 Henry, aged 61, and Beatrice, aged 58. are directors of SCG Pty Ltd. SCG Pty Ltd is the trustee of their self managed superannuateon 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. Henry's 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 Henry's 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 Beatrice's 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
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