Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Taxation Question 3 - Concessional and non-concessional superannuation contributions Total marks - 15 a. Keith is age 35 and earns $110,000 p.a. His employer contributes

image text in transcribed

Taxation

Question 3 - Concessional and non-concessional superannuation contributions Total marks - 15 a. Keith is age 35 and earns $110,000 p.a. His employer contributes 12% of this salary to his nominated superannuation fund each year (this includes the employer's mandatory superannuation guarantee contributions). Keith would like to salary sacrifice additional contributions into superannuation. i. Describe, in your own words how salary sacrifice to superannuation works, including from a cashflow and taxation perspective? (4 marks) ii. What is the maximum amount that Keith can salary sacrifice to ysuperannuation to stay within the concessional contribution limit? Show your workings (4 marks) b. Sonia contributed $110,000 to superannuation as a non-concessional contribution in 2021/22. 111. Outline the non-concessional contribution bring forward rules in your own words (3 marks) Determine whether Sonia can contribute a further $150,000 in 2021/22. Explain your answer, including any taxation consequences. (4 marks) 1V. Show your workings. Full marks will not be awarded if workings are not provided

Step by Step Solution

There are 3 Steps involved in it

Step: 1

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

Microfinance

Authors: Gianfranco A. Vento, Mario La Torre

4th Edition

1403997896, 9781403997890

More Books

Students also viewed these Accounting questions

Question

How can we use language to enhance skill in perceiving?

Answered: 1 week ago