80.2K

Verified Solution

Link Copied!

The Green Family Trust is a discretionary family trust with two adult resident beneficiaries, Alina and Leonard. During this income year, the activities of the trust gave rise to the following: $ Loss from rental property (6,300) Interest income from term deposits 5,500 Cash received from non-franked dividends 7,000 A capital gain from the sale of BHP shares that had been held for 15,000 two years The trustee of the trust resolved to distribute 60% of the trust income to Alina. Alina also has the following income: Gross Salary of $260,000 from which PAYG withholding tax instalments of $58,000 have been deducted. Work-related expenses of $1,680. Alina has private hospital cover. Required: Calculate the taxable income and tax payable or refundable for Emma for the income year (please show workings). The Green Family Trust is a discretionary family trust with two adult resident beneficiaries, Alina and Leonard. During this income year, the activities of the trust gave rise to the following: $ Loss from rental property (6,300) Interest income from term deposits 5,500 Cash received from non-franked dividends 7,000 A capital gain from the sale of BHP shares that had been held for 15,000 two years The trustee of the trust resolved to distribute 60% of the trust income to Alina. Alina also has the following income: Gross Salary of $260,000 from which PAYG withholding tax instalments of $58,000 have been deducted. Work-related expenses of $1,680. Alina has private hospital cover. Required: Calculate the taxable income and tax payable or refundable for Emma for the income year (please show workings)

Answer & Explanation Solved by verified expert

See Answer