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

 

Transcribed Image Text:

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 Interest income from term deposits : . $ (3,000) 2,000 Cash received from non franked dividends A capital gain from the sale of Telstra's shares that had been held for three years 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. 9,000 8,000 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 Interest income from term deposits : . $ (3,000) 2,000 Cash received from non franked dividends A capital gain from the sale of Telstra's shares that had been held for three years 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. 9,000 8,000

Answer rating: 100% (QA)

Answer Total income Total Deductions Total Exemptions Income tax computation for grace for 20192020 ... View the full answer