Question
n 2012, Tayla and Sophia established and became the two adult resident beneficiaries of the Neville Family Trust - a discretionary family trust. During the
n 2012, Tayla and Sophia established and became the two adult resident beneficiaries of the Neville Family Trust - a discretionary family trust. During the 2020-21 income year, the activities of the trust gave rise to the following: $ A capital gain from the sale of NAB shares that had been held for two years 20,000 Interest income from term deposits 12,000 Loss from rental property (8,000) The trustee of the trust resolved to distribute 100% of the trust income to Tayla. Tayla also has the following income: Salary of $120,000 from which PAYG withholding tax instalments of $30,000 have been deducted. Work-related expenses of $300, although there is no invoice for this amount, Tayla has a list of items and their corresponding amounts and she can prove that she used them for her work. Tayla has private hospital cover for the whole year. Required: Calculate and advise Tayla of her taxable obligation including the tax lodgement due date, taxable income, and tax payable or refundable for the 2020-21 income year.
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started