Advise SCG Pty Ltd as Trustee for the Henrico SMSF of the tax they must pay, please
Question:
Advise SCG Pty Ltd as Trustee for the Henrico SMSF of the tax they must pay, please show workings.
Received a contribution of $20.000 made by Henry on his own behalf with a Section 290- 170 Notice of his intention to claim this as a tax deduction; Received a $5,000 contribution from Beatrice's employer: Received a contribution of $100,000 made on behalf of Beatrice with no intention of Beatrice claiming this contribution as a tax deduction; An interest payment of $12,500; A capital gain of $50,000 from the disposal of an asset that was owned by SCG Pty Ltd as Trustee for the Henrico SMSF for more than 12 months; A capital gain of $20,000 from the disposal of an asset that was owned by SCG Pty Ltd as Trustee for the Henrico SMSF for less than 12 months; Dividends from publicly listed companies of $50,000 that are fully franked; and Paid $8,000 in life insurance premiums for a life insurance policy on the life of Henry and $6,000 in life insurance premiums for a life insurance policy on the life of Beatrice. These policies were owned by SCG Pty Ltd as Trustee for the Henrico SMSF; and $3,500 in ongoing fees charges regarding the operation of Henrico SMSF.
Income Tax Fundamentals 2013
ISBN: 9781285586618
31st Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill