Question
The Barker Superannuation Fund has the following information for year end 30 June 2024 RECEIPT $ Fully Franked Dividend from Rio Ltd 63,000 Excessive (Non-Arm's
The Barker Superannuation Fund has the following information for year end 30 June 2024
| RECEIPT | $ |
|---|---|
| Fully Franked Dividend from Rio Ltd | 63,000 |
| Excessive (Non-Arm's length) Fully Franked Dividend from Tunload Pty Ltd | 14,000 |
| Employer Contributions - Super Guarantee Levy | 95,000 |
| Employer Contributions - Bonus paid for employees | 13,000 |
| Salary Sacrifice | 25,000 |
| Member Contributions - employees | 20,000 |
| Member Contributions - self-employed (notice of deduction received) | 35,000 |
| Interest on term deposit (Note 1) | 5,000 |
| Interest on Cash Management Account (Note 1) | 15,000 |
| Proceeds from sale of CSL Ltd shares (Note 2) | 87,000 |
| PAYMENTS | $ |
|---|---|
| Income Stream paid to Members | 23,000 |
| Lump Sum payments to members | 95,000 |
| Transfers to other complying superannuation funds | 43,000 |
| Life insurance premiums | 6,000 |
| Administration Fees | 12,000 |
| PAYG Instalments | 10,000 |
Note 1: The earnings from the bank accounts are used to 100% fund current income stream benefits.
Note 2: The CSL shares were purchased in September 2000 for $56,000.
Required
For the year ended 30 June 2024
- Calculate the Superannuation Fund's taxable income
- Calculate the Superannuation Fund's net tax payable
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Introductory Financial Accounting For Business
Authors: Thomas Edmonds, Christopher Edmonds, Mark Edmonds, Jennifer Edmonds, Philip Olds
2nd Edition
1260575306, 978-1260575309
