QUESTION 1 Edward is an architect who is 59 years old. He seeks your advice concerning his current superannuation position. You ascertain he has a $220,000 lump sum in his superannuation account, which includes a $90,000 tax-free amount. He rolls this over in order to obtain a pension on 1 July 2020. He has elected to take the minimum pension payment each year. REQUIRED: (a) Calculate his minimum and maximum income. Show your calculations. (b) Calculate his taxable and tax-free portions. Show your calculations. (C) Explain whether or not Edward is entitled to the superannuation rebate? If he was eligible for the rebate, what would be the amount of the rebate? Show your calculations. QUESTION 1 Edward is an architect who is 59 years old. He seeks your advice concerning his current superannuation position. You ascertain he has a $220,000 lump sum in his superannuation account, which includes a $90,000 tax-free amount. He rolls this over in order to obtain a pension on 1 July 2020. He has elected to take the minimum pension payment each year. REQUIRED: (a) Calculate his minimum and maximum income. Show your calculations. (b) Calculate his taxable and tax-free portions. Show your calculations. (C) Explain whether or not Edward is entitled to the superannuation rebate? If he was eligible for the rebate, what would be the amount of the rebate? Show your calculations