The Chin Family Trust was set up under the will of the family's now deceased patriarch. In 2013-14 it carried on a number of income earning activities. They included carrying on a trading business with sales of AUD $100,000 and allowable deductions of AUD $30,000 and renting an office building in Singapore for which it received AUD $35,000 in rent and incurred AUD $5,000 in deductible expenses and investments in a range of Australian shares from which it received AUD $7,000 in fully franked dividends. There are three (3) beneficiaries of the trust and all are Australian resident individuals: Wei (the father) aged 45 - who is to be paid 25% of the net income of the trust; Le (the mother) aged 42 who is also to be paid 25% of the net income of the trust. Min (the son) aged 17 - who is to have the balance of the trust income accumulated for his benefit and paid to him if he attains the age of 25 years subject to the trustee being able to pay, in its absolute discretion, such amounts as it deems fit for Min's education, maintenance and advancement in life. In accordance with the terms of the trust, on 30 June 2014 the trustee distributes the net income of the trust, as to 25% each, to Wei and Le. Wei is at that point an undischarged bankrupt and has other income of $20,000. Le has no other income. During the tax year the trustee had also paid Min's university fees of $8,000 and provided him with a living allowance of $6,000. (a) Calculate the net income of the trust; (1 mark) (b) Explain who will pay the tax on the net income of the trust, on what basis and at what rates