In 2020, Carrie, Samantha, Miranda and Charlotte set up a partnership to commence a fashion styling consultancy. Carrie and Samantha each contributed 30% equity, Miranda contributed 25%, and Charlotte contributed 15%. Initial capital contributions totalled $250,000. A written partnership agreement exists, which specifies that any distributions are to be made on the same basis as the original capital contributions made.

In the year ending 31 March 2021 the partnership:

• Earned $150,000 of income. This amount includes revenue earned from providing fashion consulting services, as well as the interest paid on capital contributions for the year.
• Incurred operating expenses of $60,000 associated with providing their consulting services
• Paid 6% interest on the initial capital contributions

Other events that happened during the year are outlined below:

• Samantha loaned the partnership $25,000. It was agreed that she would be paid 7.5% interest per annum for this loan.
• Carrie worked full-time for the partnership, earning a salary of $65,000. This salary is not included in the expenses amount outlined above. There is a bona fide contract stating that Carrie is a working partner in the business.
• Samantha worked part-time for the partnership. She earned a salary of $45,000 for this work. This salary is not included in the expenses outlined above.
• Miranda works full-time as a lawyer and earned $120,000 in other income.
• Charlotte owns an art gallery and earned $35,000 in other income.

Required:

Calculate the taxable income for each of the partners for the year ended 31 March 2021