Q29 Task 2 {b}: If Jason withdrew $5,500 from the net income before tax and then paid the amount to his own superannuation fund, what would be the tax impact of this transaction? (Show your workings for any calculations.) If Jason withdraws $5,500 from the net income of his business to pay into his own superannuation fund, he will be able to claim this amount as a tax deduction on his tax return (the maximum concessional amount being $25,000]. In this case Jason's income tax will be made on the same amount and he will be entitled to the deduction after the tax has been paid- 11s,ooox 2?,5%= 31,625 Less Small business tax offset 1,000 Less concessional super contribution deduction- 5,500 Tax payable 25,125