The Tumbling Domino Superannuation Fund, a complying fund, had the following payments and

receipts for the $2022/23$ tax year.

RECEIPTS

DESCRIPTION $

Contribution from employers $108,000$

Contribution from members $($deduction of

$$55,000$ claimed$)$ note $180,000$

Interest received $$ note $290,000$

Fully franked private company dividends

$($excessive amount $$ no discretion exercised by

Commissioner$)$

$70,000$

Receipts of funds transferred from the Wilde

Ride Super Fund $($a complying fund$)80,000$

Proceeds from finalised Term deposit $($capital

amount$)40,000$

Rental income $$ note $331,000$

Fully franked dividend $$ listed companies $35,000$

Applied Education

FNSACC$601$ Assessment $2$ v$1\mathrm{.}14$ of $6$

PAYMENTS

DESCRIPTION $

Income stream benefits paid to members $100,000$

Transfer to Other Option Superannuation Fund

$($a complying fund$)48,000$

Insurance Premiums $$ Death and Disability $11,000$

Administration costs $7,000$

PAYG tax instalments $19,720$

Rental expenses $($all deductible$)6,000$

Note $1$

Members has submitted notices of intent to claim or vary a deduction totalling $$55,000.$

Note $2$

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

benefits.

Note $3$

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$

REQUIRED:

Using the template provided:

a$)$ Calculate the fund$$s taxable income for the $2022/23$ tax year.

b$)$ Calculate tax payable by the fund for the $2022/23$ tax year.