Rental income (from overseas sources) 16,928
Unfranked dividends (Australian sourced) 3,571
Franked dividends (Australian sourced) 15,000
Gross up of franked dividends 6,429
Interest income (from overseas sources) 8,072
Net trust income 50,000
The trustees Mr and Mrs Brown have resolved to distribute $30,000 of the net trust income in equal shares to the following beneficiaries:
Petal Brown, niece to Mr and Mrs Brown, aged 13 (at school, no other income);
Tommy Brown son to Mr and Mrs Brown, aged 19 (at uni, $4,000 other income); and
Charles Brown, father to Mr Brown, aged 60 (no other income) and a non-resident of Australia for the year ending 30 June 2020
Each distribution comprises 50% Australian sourced and 50% foreign sourced income. The remaining $20,000 is undistributed and also is comprised 50% Australian sourced and 50% foreign sourced income.
