Theory Part

Require you to identify the tax related issue, critically analyse the issue, apply the relevant tax treatment using relevant Australian legislation and case law to solve the issue and draw a conclusion (IRAC principle where appropriate)

Calculation Part

Require you to perform calculations that are consistent with the relevant taxation treatment and you must also show all workings, provide a brief explanation and Relevant Australian legislation must be cited

The Briggs family trust received the following income for the year ended 30 June. The trustee resolves to distribute one third each to the following beneficiaries: - Anne Briggs, aged 54 ( $30,00 other income) - Mary Briggs, aged 16 (at school, no other income). To be accumulated exclusively for Mary until she reaches age 21 years. - (Under the trust deed, should Mary die before age 21 then the money is to pass to her estate.) - The remaining third is to be added to trust capital. Advise the trustee and the beneficiaries of their liability for tax in respect of the income they received from the trust assuming the trustee does not make any beneficiary specifically entitled to any franked dividends or capital gains. The Briggs family trust received the following income for the year ended 30 June. The trustee resolves to distribute one third each to the following beneficiaries: - Anne Briggs, aged 54 ( $30,00 other income) - Mary Briggs, aged 16 (at school, no other income). To be accumulated exclusively for Mary until she reaches age 21 years. - (Under the trust deed, should Mary die before age 21 then the money is to pass to her estate.) - The remaining third is to be added to trust capital. Advise the trustee and the beneficiaries of their liability for tax in respect of the income they received from the trust assuming the trustee does not make any beneficiary specifically entitled to any franked dividends or capital gains