The Australian Superannuation Fund (which is a resident complying fund) has operated for 25 years accepting...
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The Australian Superannuation Fund (which is a resident complying fund) has operated for 25 years accepting contributions from employers and members. The fund had the following receipts and payments for the current tax year 2020/21: Receipts: • Contributions paid by employers as required under Superannuation Guarantee legislation $190,000 (tax file numbers supplied except for $50,000 contributions) . After tax contributions by employees $12,000 • Contributions received directly from self-employed members (these are deductible to the members) $36,000 . Government Co-contribution $6,000 Interest received from Brazil $1,800 (net of 10% withholding tax) Payments: • Fund admin costs $27,000 • Payment to retiring members of the fund $42,000 .PAYG instalments $23,000 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. The Australian Superannuation Fund (which is a resident complying fund) has operated for 25 years accepting contributions from employers and members. The fund had the following receipts and payments for the current tax year 2020/21: Receipts: • Contributions paid by employers as required under Superannuation Guarantee legislation $190,000 (tax file numbers supplied except for $50,000 contributions) . After tax contributions by employees $12,000 • Contributions received directly from self-employed members (these are deductible to the members) $36,000 . Government Co-contribution $6,000 Interest received from Brazil $1,800 (net of 10% withholding tax) Payments: • Fund admin costs $27,000 • Payment to retiring members of the fund $42,000 .PAYG instalments $23,000 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.
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Related Book For
Income Tax Fundamentals 2013
ISBN: 9781285586618
31st Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
Posted Date:
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