The Rosy Discretionary Trust has a property investment portfolio. During the 2019 income year the Trustee recorded a net trust income of $168,000. All of the income is derived from Australian property investments. The trustee resolved to distribute the net income of the trust as follows: Rosy (aged 28) 30% Indiana (Rosy's sister aged 16) 10% Sarah (Rosy's sister aged 16, working full time at Coles since January) 10% RPM Pty Ltd (Australian resident company - 100% owned by Rosy) 10% The Robe Soccer Club (non-profit, tax exempt community organisation) 5% Ben (aged 29) - Rosy's Friend who is a bankrupt 10% There was one discretionary distribution made: $10,000 was paid towards Indiana's school fees. The balance was undistributed. REQUIRED: Using the templates provided A.Complete a Distribution schedule b. Calculate the tax payable by the truste
The Rosy Discretionary Trust has a property investment portfolio. During the 2019 income year the Trustee recorded a net trust income of $168,000. All of the income is derived from Australian property investments. The trustee resolved to distribute the net income of the trust as follows:
|
Rosy (aged 28) |
30% |
|
Indiana (Rosy's sister aged 16) |
10% |
|
Sarah (Rosy's sister aged 16, working full time at Coles since January) |
10% |
|
RPM Pty Ltd (Australian resident company - 100% owned by Rosy) |
10% |
|
The Robe Soccer Club (non-profit, tax exempt community organisation) |
5% |
|
Ben (aged 29) - Rosy's Friend who is a bankrupt |
10% |
There was one discretionary distribution made:
- $10,000 was paid towards Indiana's school fees.
The balance was undistributed.
REQUIRED:
Using the templates provided
A.Complete a Distribution schedule
b. Calculate the tax payable by the trustee
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