Your client, Mary Allen, runs a small retail business specializing in women's fashion clothes in Melbourne. The business is structured as a discretionary trust with her company, Elite Fashions Pty Ltd as the trustee of the 'Allen Family Trust'. Mary is the sole Director of the trustee company. The trust not only has an ABN, TFN but is also registered for GST. All amounts shown are inclusive of GST.

 

Receipts

      $

378,000           Sales of clothes

    1,000           Interest on Bank deposits.

  42,000           Partly franked dividend from BHP - franked to 80%


22,000           Capital gain on a painting purchased in 2001 for $36,000 and sold in May 2023 for $58,000

 
18,000             Net dividend from a US company and $2,000 was deducted under the withholding tax provisions.
 

Calculate the net income of the trust based on taxation law only for the year ended 30 June 2023.