The Hopetown Family Trust is a discretionary trust with three individual resident beneficiaries. The following is a summary of the financial information necessary to calculate the net income of the trust for the current year ended 30 June: Sale of a rental property on 14 May of the current year for $560,000 where the property was purchased on 5 June 2000 for $410,000. Cash dividends of $21,000 received from Australian resident companies. All dividends were fully franked (assume corporate tax rate of 30%). Interest income of $12,000 received during the year. What is the s 95(1) net income of the trust for the current year ended 30 June

The Hopetown Family Trust is a discretionary trust with three individual resident beneficiaries. The following is a summary of the financial information necessary to calculate the net income of the trust for the current year ended 30 June: Sale of a rental property on 14 May of the current year for $560,000 where the property was purchased on 5 June 2000 for $410,000. Cash dividends of $21,000 received from Australian resident companies. All dividends were fully franked (assume corporate tax rate of 30%). Interest income of $12,000 received during the year. What is the s 95(1) net income of the trust for the current year ended 30 June

SWFT Comprehensive Volume 2019

42nd Edition

ISBN:9780357233306

Author:Maloney

Publisher:Maloney

Chapter28: Income Taxati On Of Trusts And Estates

Section: Chapter Questions

Problem 15CE

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