Mullet, Shark and Starfish operate a business which conducts deep sea fishing trips.

Their partnership agreement states that all profits and losses are to be shared in the ratio of $3$:$2$:$1$ after allowing for partners$$ salaries, interest on capital and interest on drawings.

The receipts and payments of the business for the $2022/23$ tax year were as follows:

RECEIPTS

Gross Income $$ Boat Charters $$491,000$

PAYMENTS

Bus operating expenses $$54,000$

Salary $$ Mullet $$60,000$

Salary $$ Shark $$18,000$

Salary $$ employee $$36,000$

Superannuation $$ Mullet $$5,000$

Superannuation $$ Shark $$4,000$

Superannuation $$ employee $$3,000$

Interest on capital $$ Mullet $$14,000$

Interest on capital $$ Shark $$11,000$

Interest on capital $$ Starfish $$6,100$

Interest on loan $$ Stingray Bank $$15,000$

Interest on loan $$ Shark $$27,000$

Drawings $$ Mullet $$20,000$

Drawings $$ Shark $$15,000$

Drawings $$ Starfish $$10,000$

Other deductible expenses $$55,000$

OTHER INFORMATION

$$ Interest on drawings is charged at $12\%$ of total annual drawings.

$$ Decline in Value deduction amounted to $$92,000.$

$$ There were no debtors or creditors as the partnership settled all accounts when issued.

REQUIRED:

Using the template provided:

$($a$)$ Calculate the partnership net income for the year.

$($b$)$ Prepare a partnership distribution statement.

$($c$)$ Calculate Shark$$s taxable income $($Shark did not have any other income or deductions$)$

NOTE: Please apply Australian Taxation rules and regulation.