James is the trustee for the Brady Discretionary Trust was…

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Question Answered step-by-step James is the trustee for the Brady Discretionary Trust was… James is the trustee for the Brady Discretionary Trust was established to benefit the two eldest children of Mike and Carol, Greg and Marcia.Greg is 22 years old and in full-time employment as a singer and earned $30,000. Marcia is 17 years old and still at school and earned no income.During the year ended 30 June 2020, the trust received a fully-franked cash dividend of $120,000. James, as trustee, distributed 40% of the net income of the trust equally to each of the children and decided to accumulate the remaining 60% in the trust. All the income was sourced in Australia and both beneficiaries are Australian residents.Calculate the net income of the trust (5 marks) Determine the amounts that will be taxed to the beneficiaries and/or the trustee (10 marks)Support your answer with reference to relevant provisions, principles, rules and/or legal authorities. Law Social Science Tax law TAX LAW533 Share QuestionEmailCopy link Comments (0)

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