Hi everyone.

I NEED AN ANSWER TO THIS QUESTION (NO TOO MUCH EXPLANATION), I'M NOT HAVE TOO MUCH TIME.

Jurisdiction of Australia

Please, I only need a short answer please please, I don't have too much time.

AS SIMPLE AS YOU CAN PLEASE!! I BEG YOU!!

QUESTION 7 The First State Superannuateon Fund (which is a complying fund) has operated for 17 years accepting contributions. The fund had the following receipts and payments for the current tax year 2020/21: Receipts . Contributions paid by employers as required under Superannuateon Guarantee legislation $590,000 (tax file numbers supplied except for $90,000 contributions) . Contributions forwarded by employers after deducting from employees' net wages (employees do not intent to claim super deduction) $37,000 . Contributions received directly from self-employed members (these are deductible to the members) $58,000 . Fully franked dividends $27,000 . Interest from cash investment from the US (10% tax withheld) $18,000 Payments . Fund admin costs $130,000 . Payment to retiring members of the fund $280,000 . PAYG instalments $42,000 Note: all of the above amounts related to members who have supplied their TEN except for the $90,000 mentioned above. Required: Calculate the taxable income and the tax payable of the fund for 2021. Clearly list all possible assessable income and all possible allowable deductions. For the toolbar, press ALT+F10 (PC) or ALT+FN+F10 (Mac).