The Marchmain Family Trust, an inter-vivos trust settled by a family friend, had the following income and expenses for the year ended 30 June CY and is classified as an SBE.

Interest= 32,000

Net rental income=8000

Trading income=80,000

Trading expenses=4000

There are 4 beneficiaries:

• Mrs Marchmain (55) who is absolutely entitled to one quarter of the trust income;
• Rex (21) who is absolutely entitled to one quarter of the trust income;
• Cordelia (16) who is absolutely entitled to one quarter of the trust income

• Samgrass (14) one-quarter of the trust income was to be accumulated until

Samgrass turns 18.

• Samgrass (14) one-quarter of the trust income was to be accumulated until Samgrass turns 18.
• The trustee has discretion to pay for his education out of his share. In the event of his death before that date, the accumulated funds are to be distributed equally among the other beneficiaries.
• The trustee exercised her discretion and paid Samgrass's school fees of $12,000.
• Mrs Marchmain had a loss from her business of $500.
• Rex also had a rental property. Net rent for the year was $6,000.
• Cordelia earned $15,000 salary from a holiday job and $200 interest income from money invested in her name by her father.
• REQUIRED:
• Calculate the net income of the trust and the net tax payable by either the trustee or the beneficiaries. State the sections under which the income is assessed in accordance to australian tax laws regulations and standard.