TASK 4 Robert and Peter are father and son. Together they operate a business partnership providing security services. Robert is aged 45. His son, Peter aged 20, works full-time in the partnership. The partnership agreement states that all profits and losses will be shared equally after allowing wages to partners and interest on capital. During the 2021/22 income year the partnership had the following transactions: RECEIPTS $609,000 50,000 Gross Fees Business Loan from Robert 1,000 for Gross Bank Interest PAYMENTS 7,000 Interest on Overdraft 10,000 Interest on Loan from Robert Lease of all Security Systems Equipment owned by Robert - Note 1 45,000 3,000 Interest on Capital - Robert 250,000 40,000 Wages to Employees Wages to Robert 45,000 Wages to Peter 10,000 168,000 Superannuation paid for Employees Other overheads (deductible) Note 1 Robert owns all the security equipment and leases all the equipment to the partnership. Robert is entitled to a deduction of $34,000 for decline in value of the equipment. REQUIRED: Using the template provided Calculate Net Partnership Income 1. Prepare a Partnership Distribution Statement 2. Calculate Robert's Taxable Income 3. 4. Calculate Peter's Taxable Income