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 installments 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.

Answer rating: 100% (QA)

1 Net income of trust Interest income 2000 Dividend 9000 Imputation ... View the full answer