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The Robinson Family Trust is a discretionary family trust with two resident beneficiaries, Tom and grace....

The Robinson Family Trust is a discretionary family trust with two resident beneficiaries, Tom and grace. During this income year of 2019-2020, the activities of the trust gave rise to the following: $ Loss from rental property (3,000) Interest income from term deposits 2,000 Cash received from non franked dividends 9,000 A capital gain from the sale of Telstra’s shares that had been held for three years 8,000 The trustee of the trust resolved to distribute 100% of the trust income to Grace. Grace also has the following income: • Net Salary of $50,000 (PAYG withholding tax instalments of $5,000 have been deducted). • Work-related expenses of $3,000 Grace has private hospital cover. Required: Calculate the taxable income and tax payable or refundable for Grace for the income year. Please show all your workings.

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ekkarill92 answered 1 year ago
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