76 marks
The Woof Woof Family Trust was settled by a friend of the family Miss Kitty. The trust operates a business of manufacturing luxury dog beds for sale to owners of pampered pets. The trust has also invested in shares from which it derives dividend income.
For the current year ended 30 June 2014, the trust derived the following income:
Net trading income (after expenses) from sale of dog beds - $250,000
Dividends franked to 100% with attached franking credits of $21,429 - $50,000
Capital gain on the sale of the goodwill of a branch of the business
(after applying both the general and active asset discount) - $55,000
Capital gain on the sale of some shares that have been owned
for more than 12 months (after applying the general discount) - $5,250
Interest received on bank term deposits - $3,500
At the annual meeting the trustee of the trust resolved to distribute the net income of the trust for the year ended 30 June 2014 as follows:
1. Hooch who is 41 years old is specifically entitled to all the capital gains. Hooch has a carried forward capital loss of $14,000. He has no other income and no CGT events for the current year.
2. Lassie who is 17 years old is specifically entitled to all the franked dividend income and attached franking credits. Lassie is also to receive 20% of the other income. Lassie had left school in December 2013 and had started working full- time since February 2014 as an intern veterinary nurse whilst studying for her veterinary degree at the University. Her salary from her employer was $27,500 (PAYG withheld of $2,200). Lassie also received interest of $2,000 from monies she invested from a legacy left to her from her grandmother’s deceased estate.
3. 15% of the other income is to be accumulated for Benji who is 10 years old until he reached the age of 21. However, if he dies before attaining that age, his share would be given to charity. During the year the trustee paid $10,500 towards Benji’s school fees.
4. Snoopy who is 16 years old is to receive 20% of the other income. Snoopy had a part-time job from which he earned wages of $7,000 during the year. No PAYG withholding tax had been deducted from his wages. Snoopy also received dividends of $2,200 with franking credits of $943 attached. The dividends were from shares bought for Snoopy by his grandfather when he won a scholarship to a prestigious high school.
5. Scooby Doo who is 45 years old is to receive 45% of the other income. He has no other income.
Required:
1. Calculate the net income of the trust, the Division 6E net income of the trust, setting out the income excluded from the Division 6E net income.
(11 marks)
2. Calculate the taxable income and net tax payable for each of the beneficiaries and/or the trustee. Explain and state under which sections of the legislation the beneficiaries and/or the trustee will be assessed.
(65 marks)
Click here to view the answer.
Sample question paper is given on the blog post. This paper is all about business and economy which I prefer them to choose assignment help melbourne service to complete their task. People who are weak in math and can not understand the difficulties in business dealings will feel this paper is a difficult one.
ReplyDeleteTake a quick look at the https://sydneypokies.com/ website and play some really cool casino games online!
ReplyDeleteFound your post interesting to read. I cant wait to see your post soon. Good Luck for the upcoming update.This article is really very interesting and effective.
ReplyDelete-kimjohn
In this review, we will tell you everything you need to know about the service capstone research paper. That way, our review will help you to make a well-informed decision on whether it’s right for you.
ReplyDelete
ReplyDeleteI have so simple solution to this simple question. which is types of informal report service here you can get any answer whatever is easy or difficult if now you need any help so contact here.
Is a very interesting article I think it is a good article and can be used in everyday life.
ReplyDeletelawyers near me bankruptcies
Great Blog
ReplyDeleteAre you looking for essay writing services UK? DiplomaAssignmentHelp.co.uk offers professional essay writing services for all types of academic levels and topics. Our team of experienced writers provides high-quality essays to students who are looking for help with their studies. We provide essay writing services for students of all levels.
Nice Blog
ReplyDeleteAre you looking for someone to do your assignment in Singapore? Myassignmenthelp.sg is the perfect choice for you. You just say “do my assignment singapore” and they will do it for you. They have a team of highly experienced and professional experts who are available 24/7 to provide you with the best quality assignment writing services. They offer customized services to match your needs and help you achieve the highest grades. They guarantee timely delivery, 100% plagiarism-free content, and reasonable rates. So, don’t wait any longer and get your assignment written by the experts at Myassignmenthelp.sg.
hello there, you some useful articles here , thanks for sharing, anyway you may also like to lookup forcoe zing diploma/certificate admission portal
ReplyDeleteWow! Free sample questions for the accounts department peoples. Thanks for sharing this beautiful post. Keep sharing more informative blogs like this. Online Solicitation Of a Minor
ReplyDeleteThanks for the strategies you are revealing on this blog site
ReplyDeleteabogados de accidentes de motocicleta cerca de mí
Our skilled Divorce Attorney in New Jersey offers a legal represent and guidance for divorce cases
ReplyDeleteAt Native Assignment Help, we emphasize precision and excellence in our Geography Assignment Help UK. Students receive comprehensive support in geographical topics like climatology, cultural landscapes, and geopolitical studies, ensuring their assignments reflect meticulous research and a deep understanding of geographical principles. Native Assignment Help stands as your source for expert guidance in Geography Assignment Help in the UK. We assist students in various geographical disciplines, such as physical geography, environmental studies, and spatial analysis, ensuring their assignments reflect comprehensive knowledge and meticulous research.
ReplyDeleteYou're providing a wealth of new email information with your posts. Many thanks for your hard effort. Continue your fantastic work.criminal lawyers prince william county
ReplyDelete