Question
(Assessable contributions) The Spotless Superannuation Fund is a complying superannuation fund. The fund received the following contributions: July 2017 Contributions from contributing employer relating to
(Assessable contributions)
The Spotless Superannuation Fund is a complying superannuation fund. The fund received the following contributions:
July 2017 | Contributions from contributing employer relating to 2016/17 | $ 27,800 |
Sep 2017 | Superannuation Guarantee Shortfall received from ATO | 11,400 |
Oct 2017 | Contributions from employer relating to Sept 2017 quarter | 34,500 |
Jan 2018 | Contributions from employer relating to Dec 2017 quarter | 36,100 |
Apr 2018 | Contributions from employer relating to March 2018 quarter | 27,450 |
July 2018 | Contributions from employer relating to June 2018 quarter | 19,320 |
All of the above amounts related to members who have supplied their TFN.
There was a further $8,340 of superannuation accrued and payable by the contributing employer in relation to 2017/18 but not yet received by the fund.
Required:
Calculate the funds assessable income from contributions for the 2017/18 tax year.
|
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started