Taxation law 1

Strang Subtitle Section 11 (70 marks) Question1 (14 marks) The Burton Family Trust is a discretionary family trust with two adult resident beneficiaries, Emma and Peter. During this income year, the activities of the trust gave rise to the following: Loss from rental property (6,000) Interest income from term deposits 4,000 Cash received from fully franked dividends 14,000 A capital gain from the sale of BHP shares that had been held 10,000 for two years The trustee of the trust resolved to distribute 100% of the trust income to Emma. . Emma also has the following income: Salary of $200,000 from which PAYG withholding tax instalments of $60,000 have been deducted. Work-related expenses of $275. Emma has private hospital cover. I Required: Calculate the taxable income and tax payable or refundable for Emma for the income year