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Homework answers / question archive / The Alberts Family Trust, an inter vivos trust, had the following beneficiaries: Candy (aged 45; entitled to 40% of trust income) Dandy (aged 30; bankrupt; entitled to 35% of trust income) Landy (aged 17; entitled to 20% of trust income) The remainder of each year's income was to be retained or distributed at the Trustee's discretion

The Alberts Family Trust, an inter vivos trust, had the following beneficiaries: Candy (aged 45; entitled to 40% of trust income) Dandy (aged 30; bankrupt; entitled to 35% of trust income) Landy (aged 17; entitled to 20% of trust income) The remainder of each year's income was to be retained or distributed at the Trustee's discretion

Accounting

The Alberts Family Trust, an inter vivos trust, had the following beneficiaries:

Candy (aged 45; entitled to 40% of trust income)

Dandy (aged 30; bankrupt; entitled to 35% of trust income)

Landy (aged 17; entitled to 20% of trust income)

The remainder of each year's income was to be retained or distributed at the Trustee's discretion. During the 2016/17 tax year trust income was $195,000. A discretionary amount of $7,000 was paid to Landy (this amount was in addition to Landy entitlement under the Trust Deed). The trust also had losses of $15,000 in the 2015/16 tax year. These were to be met out of the trust income. Landy also received interest of $38,000 during the 2016/17 tax year from investments given to him by his parents. Landy is single and is not covered by private health insurance.

l b. Calculate tax payable by the trustee on behalf of Dandy, Landy and the balance of trust net income.

Calculate Tax payable by Trustee on behalf of Dandy:

Calculate Tax payable by Trustee on behalf of Landy:

Calculate Tax payable by Trustee on balance of trust net income:

Calculate Tax payable by Landy only

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