Mandeep and Jasmine are the only two beneficiaries of an inter vivos trust.

Jasmine is 25 years old and resides in Mumbai India and is a foreign resident for Australian tax purposes

Mandeep is aged 15 years and is a resident of Australia for tax purposes.

During the 2019/20 tax year the trustee received a dividend of $6,300 from an Indian company of which withholding tax of 10% had been deducted and a fully franked dividend of $8,400 from a resident Australian company.

The trustee resolved to distribute the net income of the trust equally between the two beneficiaries

What is the income tax liabilities of the Trustee, Jasmine, and Mandeep for the 2019/20 tax year?

Question:Calculating franking credit offsets:

Resident company pays fully franked dividend $7,000 to resident shareholders. Advise of the tax implications for the following investors:

1. Individual shareholder on the top marginal tax rate
2. Individual shareholder with a marginal tax rate of 19%
3. Partnership with 2 resident individual partners sharing net income equally