Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Janet, Paul, William, Tran, Chen and Hugui propose to become members of Prosperous SMSF. They each are employed and have the following salaries (not including

Janet, Paul, William, Tran, Chen and Hugui propose to become members of Prosperous SMSF. They each are employed and have the following salaries (not including super guarantee)

 Salary (no SG)
Janet$82,300.00
Paul$87,500.00
William$110,750.00
Tran$145,863.00
Chen$201,400.00
Hugui$191,236.00

Assume the SG rate is 11% and the max concessional is $27,500 for the 2023-2024 year. No more than 6 members in SMSFs.

What is the maximum amount each member could contribute in Concessional contributions this year (assuming no available concessional rollovers)? 

NameConcessional amount
Janet 
Paul 
William 
Tran 
Chen 
Hugui 


Paul contributed $20,000 in concessional contributions this year. Please comment?

Hugui wants his friend, Bob, to become a member of the Prosperous SMSF. All members are keen to welcome Bob. Please comment?

Advise the members on the advantages and disadvantages of appointing a corporate trustee?

 




Step by Step Solution

3.43 Rating (156 Votes )

There are 3 Steps involved in it

Step: 1

What is the maximum amount each member could contribute in Concessional contributions this year assuming no available concessional rollovers To calcul... blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Organizational Behavior

Authors: OpenStax

1st Edition

1593998775, 978-1593998776

More Books

Students also viewed these Finance questions