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A Discretionary Family Trust with Gross income of 123000,and 3000 deductible exp with following members and their share as per deed: Gillian, aged 25, and
A Discretionary Family Trust with Gross income of 123000,and 3000 deductible exp with following members and their share as per deed:
- Gillian, aged 25, and married;- 20%
- Jeff, aged 23, certified insane and is confined to institution; - 20%
- Simon, aged 19, a university student; - 25% (He also got wages 5700 and PAYG witheld 800 , in university vacation)
- Louis, aged 16, s secondary student; - 25%
- Boris, aged 4.- no fixed %, at the discretion of Trust, spent 7000on his medical exp
Calculate : s. 95 net trust income , shae to each member and their tax payable
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