Solution-Calculate the taxable income and the tax payable

Calculate the taxable income and the tax payable

Assignment Help Accounting Basics

Reference no: EM133186079

Question - The Aware Superannuation Fund (which is a complying fund) has operated for 5 years accepting contributions. The fund had the following recepts and payments for the current tax year 2020/21

Receipts - Contributions paid by employers as required under Superannuation Guarantee legislation $90,000 (tax file numbers supplied except for $20.000 contributions)

Salary Sacrifice contributions forwarded by employers $14.000 Contributions received directly from self-employed members (these are deductible to the members) $8,000 Proceeds from sale of investment property $70.000 (purchased 4 years ago for $40,000)

Payments: Fund admin costs $18,000

Payment to retiring members of the fund $35,000

PAYG instalments $21,000

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 and indicate whether the amount is included or not in the relevant calculation.

Reference no: EM133186079

Questions Cloud

Process of buying and selling tangible products : As noted above, ecommerce is the process of buying and selling tangible products and services online. It involves more than one party along with the exchange of

How much of the net income did the corporation retain : During its first year of operation, Longhorn Corporation issued 17,500 shares of $10 par common stock. How much of the net income did the corporation retain

Discuss how some multinational corporations hedge currency : At the business level, currency risk is called FX exposure. Discuss how some multinational corporations hedge currency

Describe the sources of funding for agency : Create an Agency PowerPoint Presentation that includes the following:

Calculate the taxable income and the tax payable : Calculate the taxable income and the tax payable of the fund for 2021.) Clearly list all possible assessable income and all possible allowable deductions

Calculate the opening balance of the franking account : PAYG instalment paid for 2020/21 totalled $1,200 It paid a fully franked dividend of $7,000 on 29 june 2021, Calculate opening balance of the franking account

How much cash will white receive : King, Queen and Prince are partners sharing profit and loss in the ratio of 2:1:1 respectively. How much cash will White receive

Determine monthly cash budget for the period january to june : Interest on the loan is 1% per month, payable on the 15th of each month commencing in January 2022. Determine monthly cash budget for the period

Outline five stages of the systems development life cycle : Outline the five (5) stages of the systems development life cycle (in order), with a brief explanation and analysis of what each stage involves

User Account

All Pages

Calculate the taxable income and the tax payable

Reference no: EM133186079

Reference no: EM133186079

Questions Cloud

Reviews

Write a Review

Accounting Basics Questions & Answers

How much control does fed have over this longer real rate

Coures:- fundamental accounting principles

Accounting problems

Theory of interest - term structure of interest rates

Write a report on internal controls

Prepare the bank reconciliation for company

Cost-benefit analysis

Theory of interest

Liquidity and profitability

What is the expected risk premium on the portfolio

Simple interest and compound interest

Capm and venture capital

Assured A++ Grade

Academics

Major Subjects

Majors

Get In Touch

TERMS & POLICIES

HELP & SUPPORT