QUESTION $6\mathrm{.}13($Comprehensive$,$ apportionment of deductions$)$

The Tumbling Domino Superannuation Fund, a complying fund, had the

following payments and receipts for the $2021/22$ tax year:

RECEIPTS

Contributions from employers

Contributions from members $($deductions of $$55,000$ claimed$)$

Interest Received $-$ Note $1$

$($excessive amount $-$ no discretion exercised by Commissioner$)$

Receipt of Funds transferred from the Wild Ride Super Fund $,80,000$

$($a complying fund$)$

Proceeds from finalised Term Deposit $($capital amount$)$

Rental Income $-$ Note $2$

Fully Franked Dividend $-$ listed companies

PAYMENTS

NOTE $1$

Of the interest received, $70\%$ relates to funds set aside for payment of

current income stream benefits.

NOTE $2$

In addition to rental expenses paid, there is a deduction available for decline

in value of fittings from the rental property amounting to $$4,000.$

Calculate the fund's taxable income for the $2021/22$ tax year.

Calculate tax payable by the fund for the $2021/22$ tax year.