The Hayden Family Trust is a discretionary trust with three individual resident beneficiaries. The following is a summary of the financial information necessary to calculate the net income of the trust for the current year ended 30 June:

• Sale of a rental property on 14 May of the current year for $560 000 where the property was purchased on 5 June 2000 for $410 000.

• Cash dividends of $21 000 received from Australian resident companies. All dividends were fully franked and from companies with a standard corporate tax rate.

• Interest income of $12 000 received during the year.

What is the s95(1) net income of the trust for the current year ended 30 June?

Select one:

1.

$192 000.

2.

Nil.

3.

$117 000.

4.

$108 000.

5.

$262 000.