The Flower Family Trust is a discretionary trust created by Graeme Flower (the trustee) in 2012 for
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Question:
The Flower Family Trust is a discretionary trust created by Graeme Flower (the trustee) in 2012 for the benefit of his children and grandchildren. During the year ended 30 June 2021, the Flower Family Trust has a net income of $75,000. The trustee exercises his discretion to allocate $40,000 of the net income to Paula Flower who is 35 years of age and lives in a nursing home after suffering brain damage from a car accident four years ago. The balance of net income is not allocated to any beneficiary.
Question
Advise Graeme Flower of any tax obligations he has as trustee in respect of the net income of the trust for the year ended 30 June 2021.
Related Book For
Financial Accounting and Reporting
ISBN: 978-0273744443
14th Edition
Authors: Barry Elliott, Jamie Elliott
Posted Date: