Client B: What is the amount of taxable income for Elisha's self-managed super fund, Dragon Superannuation Fund,
Question:
Client B:
What is the amount of taxable income for Elisha's self-managed super fund, Dragon Superannuation Fund, for the 2021/22 tax year?
What is the final tax liability for Elisha's self-managed super fund, Dragon Superannuation Fund?
What are the most effective investment strategies for Elisa to reduce the fund's tax?
Client B—Elisha Simpson (Background Information)
Elisha Simpson created a self-managed superfund called the Dragon Superannuation fund last year, and it is a complying superannuation fund. During the 2021/22 tax year, Dragon conducted the following transactions.
Received a 100% franked dividend from a listed public company
$17,000
Received rental income from a property lease to the Dragon discretionary trust—a related entity. The lease payment was determined
by an independent valuation.
$21,000
Sold shares in a public company. The shares were acquired in December
2009 and had a cost base of $6,000.
$17,800
Earnt interest on term deposits.
$1,900
Made employer contributions on behalf of the members of the fund.
$56,000
Paid administration costs.
$12,300
Paid accounting and audit fees
$9,800
Made payments to retiring members of the fund:
-Lump sums: $80,000
-Pensions: $9,000
$89,000
Paid legal costs associated with the redrafting of the trust deed to comply
with APRA regulations.
$4,900
Income Tax Fundamentals 2015
ISBN: 9781305177772
33rd Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven Gill