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Q4. Part 1 During the current tax year, MKY Self-Managed Superannuation Fund, a complying superannuation fund, received $50,000 deductible concessional contributions from two eligible members
Q4. Part 1 During the current tax year, MKY Self-Managed Superannuation Fund, a complying superannuation fund, received $50,000 deductible concessional contributions from two eligible members and fully franked dividends $14,000. One member contributed $30,000 non-concessional contributions to the fund. The fund also paid $1,000 accounting fee and $800 auditing fee. Required: Prepare a statement of tax liability for MKY Self-Managed Superannuation Fund. (6 marks) Part 2 Roger is aged 52 and he has contributed $25,000 in concessional contributions and $120,000 in non-concessional contributions to his superannuation fund during the current tax year. The balance of Roger's superannuation find account is $1.5 million Required: Advise Roger on the tax consequences of these superannuation contributions to him and calculate the tax payable by him. (9 marks)
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