Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The Spotless Superannuation Fund is a complying superannuation fund. The fund received the following contributions: July 2021 Contributions from contributing employer relating to 2020/21 $

The Spotless Superannuation Fund is a complying superannuation fund. The fund received the following contributions:

July 2021

Contributions from contributing employer relating to 2020/21

$ 27800

Sept 2021

Superannuation Guarantee Shortfall received from ATO

$ 11400

Oct 2021

Contributions from employer relating to Sept 2021 quarter

$ 34500

Jan 2022

Contributions from employer relating to Dec 2021 quarter

$ 36100

Apr 2022

Contributions from employer relating to March 2022 quarter

$ 27450

July 2022

Contributions from employer relating to June 2022 quarter

$ 19320

All of the above amounts relate to members who have supplied their TFN.

There was a further $8340 of superannuation accrued and payable by the contributing employer in relation to 2021/22 but not yet received by the fund.

Calculate the fund's assessable income from contributions for the 2021/22 tax year.

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

Introduction to Managerial Accounting

Authors: Peter C. Brewer, Ray H Garrison, Eric Noreen, Suresh Kalagnanam, Ganesh Vaidyanathan

4th Canadian edition

978-1259103261

More Books

Students also viewed these Accounting questions

Question

What do you like most about the organization?

Answered: 1 week ago

Question

8. What values do you want others to associate you with?

Answered: 1 week ago