Question
The Jones family trust operates a family business and had the following income in the current year: Net Trading Income - $78,000 Unfranked Dividend -
The Jones family trust operates a family business and had the following income in the current year:
Net Trading Income - $78,000
Unfranked Dividend - $7,000
Interest - $15,000
The trust deed gives the trustee the discretion to distribute and the trustee made a distribution in the current year as follows:
- Mr Jones aged 60 - $25,000
- Mrs Jones aged 58 - $25,000
- Danielle aged 17 and at University - $25,000
Complete the multiple blanks in the table below and state:
(A) The section that will apply to the tax the trust distribution from the following choice of sections:
- 97
- 98
- 99
- 99A
(B) State who will pay the tax from the following choice:
- Trustee
- Beneficiary
(C) State which rate will apply from the following choice:
- Ordinary Rates
- Division 6AA rate with marginal rate of 45%
- Section 99A rate of 45%
- Section 99 rate
The blanks should be completed by copying and pasting from the choices provided, but without the dash where applicable
The blanks should be completed by copying and pasting from the choices provided, but without the dash where applicable Trust Income Amount State the section State who will state which rate will apply Distribution or that will apply to pay the tax from the following choices: Write the undistributed the tax the trust from the Jamount distribution from following Ordinary Rates without any the following choices: commas or the choices of Division 6AA rate with marginal dollar sign rate of 45% sections: Trustee 97 Beneficiary Section 99A rate of 45% Section 99 rate 98 199 99A [ D] Mr Jones TA] [B] [C] ] [ Mrs Jones [E] [F] (G) [H] Danielle E 5 [K] (L) Not distributed [M] IN) [0] [P] The blanks should be completed by copying and pasting from the choices provided, but without the dash where applicable Trust Income Amount State the section State who will state which rate will apply Distribution or that will apply to pay the tax from the following choices: Write the undistributed the tax the trust from the Jamount distribution from following Ordinary Rates without any the following choices: commas or the choices of Division 6AA rate with marginal dollar sign rate of 45% sections: Trustee 97 Beneficiary Section 99A rate of 45% Section 99 rate 98 199 99A [ D] Mr Jones TA] [B] [C] ] [ Mrs Jones [E] [F] (G) [H] Danielle E 5 [K] (L) Not distributed [M] IN) [0] [P]Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started