Part $2-$ This question must be completed

The Simpson Family Trust was created by Moe a friend of the family. The trust

operated a business delivering food to people who were ill and couldn't leave their

homes.

The net income of the trust was $$367,890,$ this included dividends franked to $100\%$ of

$$50,000($franking credits attached were $$21,428\mathrm{.}57)$ and a net capital gain of

$$100,000$ which had been discounted by both the General Discount and Active Asset

Reduction.

The trustee Mr Burns distributed the trust income as follows $-$

Selma $(53)$ was made specifically entitled to the capital gains. She also had a

salary of $$89,000$ from her job. During the year Selma sold a parcel of

shares which generated a loss of $$14,765.$

Patty $(53)$ was specifically entitled to the franked dividends and attached

franking credits. She does not have any other forms of income

Of the remaining income $$36,000$ was distributed to Bart $(17).$ Bart studied

part$-$time and worked full$-$time in his family's business. His salary from his

employment was $$18,400.$

$$50,000$ to Maggie $(10)$ to be accumulated till she reached the age of $21,$ but

should she die before attaining that age, her share would be given to charity.

During the year Mr Burns the trustee paid $$10,500$ towards Maggie's school

fees.

The balance of the income was retained by the trustee.

Required:

Calculate the net income of the trust, the Division $6$ E net income of the trust,

setting out the income excluded from the Division $6$E net income.

Calculate the taxable income and net tax payable for each of the beneficiaries

and$/$or the trustee. Explain and state under which sections of the legislation the

beneficiaries and$/$or the trustee will be assessed.