During the $2022/23$ tax year, Porter Chrystan created the Blind Trust, an Inter Vivos trust to provide services to his psychiatry practice. The net income of the trust during the $2022/23$ tax year was $$270,000.$

The trust is to be distributed as follows:

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Josh $($age $43)50\%$

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Marise $($age $62)10\%$

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Scott $($age $18)15\%$

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Barnaby $($age $17)10\%$

The balance is to be accumulated and applied at the trustee$$s discretion for the beneficiaries.

There were two discretionary distributions made:

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$$6,000$ was paid towards Barnaby$$s education.

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$$9,000$ was paid to Ford Credit to pay off a debt incurred by Scott who is currently under medical supervision as he has been pronounced insane.

Applied Education

FNSACC$601$ Assessment $1$ v$1\mathrm{.}3\mathrm{.}23$ of $5$

Barnaby worked at Hills Pizza for $8$ hours per week and derived gross wages of $$5,000($PAYG tax withheld $$440)$ during the year. He also received income of $$7,000$ from a deceased estate $($including franking credits of $$400).$

REQUIRED:

Using the template provided:

a$)$

Prepare a schedule $($covering all beneficiaries$)$ nominating:

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Name of the BENEFICIARY

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Whether or not the beneficiary is PRESENTLY ENTITLED

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Whether or not the beneficiary is under a LEGAL DISABILITY

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Which SECTIONS of the Act apply to make the income assessable

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WHO IS ASSESSED on each amount.

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The AMOUNT retained or distributed.

b$)$

Calculate tax payable by the trustee.

c$)$

Calculate tax payable by Barnaby