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Part B
The Short (living) trust derived $60,000 of interest income and $27,000 in fully franked dividends during the income tax year 2020/21.
The net trust income was distributed accordingly to the following beneficiaries:
(a) $40,000, including the franked distribution, to Sally, who is aged 62 and a resident and has no other income, with
(b) the remaining amount was distributed to Jack, a 42 year- old non-resident.
Required:
Calculate the s. 95 net income of the trust and the tax implications for Sally and Jack citing relevant legislation to support your answer. (8 marks)
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