Jenni Brown settled the Smith Family Trust as a favour for family friends. The family operated a real estate business and also owned some rental properties. The income and expenses of the trust are as follows: Income $ Real estate commissions 180,000 Rent 50,000 Sale of rental property (7.6.2021) 380,000 The property had been acquired on 1 October 2016 for $200,000 which included stamp duty. Rates and taxes of $2,000 were paid each year as was interest of $3,000 paid each quarter Expenses Advertising 45,000 Commissions to salespersons 60,000 10,000 Retainer to lawyer. Paid to ensure quick review of any contracts for sales or leases Salary to Susanne Smith - Manager 50,000 School fees for Alyxis - child beneficiary 5,000 The net income of the trust is distributed as follows: Susanne Smith is made specifically entitled to the Capital Gains. She is 35 years old and sold a rental property she held in her own name. She sold it for $400,000 on 30 June 2021. It had been constructed in January 2017 for $250,000 after the land had been acquired for $200,000. It had first been rented out on 1 July 2017. Rent received in the current year was $5,000. The property was a factory unit. Interest of $8,000 was paid in the current year, as were rates and taxes of $1,900. Interest, rates, and taxes had been constant since the 2018 tax year. Commission of $9,500 was paid on sale. One quarter of the Div 6E income to Ken Smith. He is 40 years old and has no other income. The remaining income was to be accumulated equally and absolutely for the two children - Alyxis, (16) and Harrison (15) until each child reached 18 years of age. The trustee was able to pay any expenses for the children from their share. Alyxis received $10,000 in dividends franked to 10% from shares, which had franking credits attached of $4,286 which had been left to her in her great aunt Delia's will. Alyxis had left school in November 2020 and was unemployed. No expenses were paid for Harrison. Required: 1.Calculate the net income and Division 6E income of the trust. 2.Calculate the taxable income (if any) of each Beneficiary and the net tax payable by each Beneficiary or the trustee. Explain and state the section numbers under which the Trust income will be assessed. Jenni Brown settled the Smith Family Trust as a favour for family friends. The family operated a real estate business and also owned some rental properties. The income and expenses of the trust are as follows: Income $ Real estate commissions 180,000 Rent 50,000 Sale of rental property (7.6.2021) 380,000 The property had been acquired on 1 October 2016 for $200,000 which included stamp duty. Rates and taxes of $2,000 were paid each year as was interest of $3,000 paid each quarter Expenses Advertising 45,000 Commissions to salespersons 60,000 10,000 Retainer to lawyer. Paid to ensure quick review of any contracts for sales or leases Salary to Susanne Smith - Manager 50,000 School fees for Alyxis - child beneficiary 5,000 The net income of the trust is distributed as follows: Susanne Smith is made specifically entitled to the Capital Gains. She is 35 years old and sold a rental property she held in her own name. She sold it for $400,000 on 30 June 2021. It had been constructed in January 2017 for $250,000 after the land had been acquired for $200,000. It had first been rented out on 1 July 2017. Rent received in the current year was $5,000. The property was a factory unit. Interest of $8,000 was paid in the current year, as were rates and taxes of $1,900. Interest, rates, and taxes had been constant since the 2018 tax year. Commission of $9,500 was paid on sale. One quarter of the Div 6E income to Ken Smith. He is 40 years old and has no other income. The remaining income was to be accumulated equally and absolutely for the two children - Alyxis, (16) and Harrison (15) until each child reached 18 years of age. The trustee was able to pay any expenses for the children from their share. Alyxis received $10,000 in dividends franked to 10% from shares, which had franking credits attached of $4,286 which had been left to her in her great aunt Delia's will. Alyxis had left school in November 2020 and was unemployed. No expenses were paid for Harrison. Required: 1.Calculate the net income and Division 6E income of the trust. 2.Calculate the taxable income (if any) of each Beneficiary and the net tax payable by each Beneficiary or the trustee. Explain and state the section numbers under which the Trust income will be assessed