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Hard Yakka Ltd contributed $34,000 to a complying superannuation fund for the year ended 30 June CY on behalf of one of its employees,
Hard Yakka Ltd contributed $34,000 to a complying superannuation fund for the year ended 30 June CY on behalf of one of its employees, Gary, aged 30. Gary derived gross wages of $120,300 for the year of income. He had no other assessable income and $3000 of work-related deductions. REQUIRED: Calculate Gary's tax liability as a result of the excess contribution and indicate how Gary can pay this tax liability.
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Advanced Financial Accounting
Authors: Theodore E. Christensen, David M. Cottrell, Richard E. Baker
10th edition
78025621, 978-0078025624
