Steven Cross formed a discretionary Family Trust in favour of five children, the children are as follows:

-Gillian, aged 25 and married

-Jeff, aged 23, certified insane and confined to an institution

-Simon, aged 19, a university student

-Louise aged 16, a secondary student

-Boris, aged 4

The Trust Deed states that

-Gillian is entitled to 25% of the trust

-Jeff, is entitled to 25% of the trust

-Simon, entitled to 20% of the trust which is to be accumulated until 21 years of ages; vested and indefeasible interest

-Louise, entitled to 20% of the trust which is to be accumulated until 21 years of ages; contingent upon her surviving until age 21

-Boris does not have a fixed percentage entitlement and the trustee has discretionary power to make payments out of the trust income for the benefit of Boris

-The remainder of the trust income is retained to accumulate in the trust.

During the year, the trust exercised their discretionary authority and paid $7,000 medical expenses on Boriss behalf.

The gross income of the trust was $123,000 and deductible expenditure was $3,000.

Simon derived $7,000 wages and PAYG(W) $800 during university vacations.

Required:

For the current year of income calculate the following

(a) S 95 net trust income

(b) The share applicable to each beneficiary

(c) The payable by each beneficiary and /or the trustee