The ZYZ Family Trust is a discretionary family trust with two adult resident beneficiaries, David and William. During this income year, the activities of the trust gave rise to the following:

	$
Loss from rental property	(5,000)
Interest income from term deposits	4,000
Cash received from fully franked dividends	14,000
A capital gain from the sale of BHP shares that had been held for two years	10,000

The trustee of the trust resolved to distribute 100% of the trust income to David.

David also has the following income:

• Salary of $200,000 from which PAYG withholding tax instalments of $60,000 have been deducted.
• Work-related expenses of $275.

David has private hospital cover.

Based on the facts above:

1. Calculate the taxable income and tax payable or tax refund for David for the income year 2020-2021
2. Would your answer differ if the XYZ Family Trust made a rental loss of $50,000?