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  3. abc had the following income and expenses for the

ABC had the following income and expenses for the year ended 30 June CY and...

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Accounting

ABC had the following income and expenses for the year ended 30 June CY and classified as an SBE

Interest $32,000

Net rental income $8,000

Trading income $80,000

Trading expenses $4,000

There are 4 beneficiaries

Ann (55) who is absolutely entitled to one quarter of the trust income

Jenny (21) who is absolutely entitled to one quarter of the trust income

Rex (16) who is absolutely entitled to one quarter of the trust income

Rachel (14) one-quarter of the trust income was to be accumulated until Rachel turns 18

The trustee has discretion to pay for his education out of his share. In the event If his death before that date, the accumulated funds are to be distributed equally among the other beneficiaries

The trustee exercises her discretion and pay Rachels school fee of $12,000

Ann has loss from her business of $500

Jenny also has a rental property. Net rent for the year was $6000

Rex earn $15000 salary from a holiday job and $200 interest income from money invested in her name by her father

Calculate the net income of the trust and the net tax payable by either the trustee or the beneficiaries. State the sections under which the income is assessed

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