QUESTION 1 Lucy is 53 years old and has made the following non-concessional contributions to her superannuation fund: Funds Non-Concessional Contribution per financial year 2017/2018 2018/2019 2019/2020 Fund 1 $50,000 $50,000 $70,000 Fund 2 $30,000 $50,000 Total $50,000 $80,000 $120,000 REQUIRED: Has Lucy exceeded her non-concessional contribution cap? Provide an explanation for your answer. QUESTION 2 Superannuation professionals owe responsibilities to clients. List three of these responsibilities and provide a brief explanation as to how the responsibilities arise. QUESTION 3 Self-Managed Superannuation Funds (SMSFs) have become popular in recent times. Explain why the ATO would be concerned to monitor SMSFs and ensure that they are compliant with the law? QUESTION 1 Lucy is 53 years old and has made the following non-concessional contributions to her superannuation fund: Funds Non-Concessional Contribution per financial year 2017/2018 2018/2019 2019/2020 Fund 1 $50,000 $50,000 $70,000 Fund 2 $30,000 $50,000 Total $50,000 $80,000 $120,000 REQUIRED: Has Lucy exceeded her non-concessional contribution cap? Provide an explanation for your answer. QUESTION 2 Superannuation professionals owe responsibilities to clients. List three of these responsibilities and provide a brief explanation as to how the responsibilities arise. QUESTION 3 Self-Managed Superannuation Funds (SMSFs) have become popular in recent times. Explain why the ATO would be concerned to monitor SMSFs and ensure that they are compliant with the law