Client B:

What is the amount of taxable income for Elisha's self-managed super fund, Dragon Superannuation Fund, for the 2021/22 tax year?

What is the final tax liability for Elisha's self-managed super fund, Dragon Superannuation Fund?

What are the most effective investment strategies for Elisa to reduce the fund's tax? 

 

   Client B—Elisha Simpson (Background Information) 

 

     Elisha Simpson created a self-managed superfund called the Dragon Superannuation fund last year, and it is a complying superannuation fund. During the 2021/22 tax year, Dragon conducted the following transactions. 

 

  Received a 100% franked dividend from a listed public company 

$17,000 

 

  Received rental income from a property lease to the Dragon discretionary trust—a related entity. The lease payment was determined 

by an independent valuation. 

$21,000 

 

  Sold shares in a public company. The shares were acquired in December 

2009 and had a cost base of $6,000. 

$17,800 

 

  Earnt interest on term deposits. 

$1,900 

 

  Made employer contributions on behalf of the members of the fund. 

$56,000 

 

  Paid administration costs. 

$12,300 

 

  Paid accounting and audit fees 

$9,800 

 

  Made payments to retiring members of the fund: 

-Lump sums: $80,000

-Pensions: $9,000

 

$89,000 

 

  Paid legal costs associated with the redrafting of the trust deed to comply 

with APRA regulations. 

$4,900