Calculate the taxable income and the tax payable

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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

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