Question
The Sunken Chest Superannuation Fund is a complying superannuation fund. During the 2021 tax year, the fund received the following contributions: Contributions from employers of
The Sunken Chest Superannuation Fund is a complying superannuation fund. During the 2021 tax year, the fund received the following contributions: Contributions from employers of $183.000 (all contributions were less than $25,000 per person). Concessional contributions from two members of $15,000 each. The members are claiming the contributions as a tax deduction and have completed the relevant paperwork. Non concessional contributions from one member for $40.000. Investment income of $513.000. Investment deductions of $322.000. Rollovers from other funds of $130.000. This is for two new members who transferred their balances from another fund this year. Calculate the taxable income of the fund.
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