The Alpha Family trust is an inter vivos trust with four beneficiaries, Allan (30% entitled), Betty (30% entitled), Charles (20% entitled), and Diana (15% entitled).

In the 2020/2021 income tax year, the Alpha trust derived the following amounts:

• Net rental income of $100,000 • Fully franked dividend income in March 2021 of $70,000

• 70% franked dividend income of $42,000 in May 2021

• Capital gain of $20,000 from the sale of ABC shares (purchased in 2010 and sold in May 2021)

• Capital gain of $7,000 from the sale of XYZ shares (purchased May 2020, sold January 2021)

• Prior year capital loss of $50,000 (from the sale of shares) Additional information The following information relates to the 2020/21 tax year.

. Allan is 39 years old and working as a teacher. Allan’s wages totaled $80,000 and no deductions to claim. Allan has $25,000 carried forward as a capital loss from the sale of shares.

• Betty is 28 years old and currently bankrupt. Betty has no other income.

• Charles is 16 years old and working full time in the past 8 months and he does not have intention to go to school. Charles’ wages totalled $45,000 and no deductions to claim.

• Diana is 15 years old full-time student. However, Diana works at local supermarket as a cashier on casual basis. Her wages totalled $16,000 and no deductions to claim. 

Required

Explain and calculate net tax payable for each of the beneficiaries for 2020/2021 tax year.