Neil Jones is the trustee of an Australian resident trust estate created by a Deed. The Deed names Pauline and Bob as the beneficiaries of the trust neither of whom are related to Neil. Pauline aged 14 years and Bob aged 25 years are both residents of Australia. The following information indicates the trading activities of the trust for the 2018/19 income tax year: Receipts Net income from trading activities 80,000 Investment income 25,000 Rental income 65,000 Expenses Interest paid on investments 40,000 Expenses incurred in generating rental income 15,000 The only income earned by Pauline and Bob was as follows. Bob derived a salary of $12,000 while working casually as a waiter and Pauline received interest income of $800 from her savings account. Calculate the net income of the trust estate under the following alternative situations:

(i) Assuming the trust is a discretionary trust and the trustee does not exercise any discretion as to the distribution of income during the year.

(ii) Assuming the trust is a fixed unit trust under which each beneficiary is entitled to 50% of the trust income during the year.