Year 1 scenario Jim is 62 years old and has been a client of yours for many years. Jim earns a salary of $100,000 plus Superannuation Guarantee (SG) contributions. He also salary sacrifices into superannuation such that the combination of his salary sacrifice contributions and his annual SG amount equals his current concessional contributions cap. Jim has accrued a balance of $1.6 million in his accumulation account. Last year Jim's wife Mandy, aged 60, ceased working in order to help look after their grandchildren, Mandy has a small superannuation balance of just $60,000. Jim is keen to grow his super balance as much as he can so that he can continue to provide support for Mandy and himself when they retire. Jim has recently sold some shares so he now has an extra $200,000 which he would like to use to increase his super balance. 1. Based on 2019-20 rates, calculate Jim's annual Sperannuation Guarantee (SG) contribution. Please show your workings. 2. Based on 2019-20 rates, calculate Jim's salary sacrifice contribution for the 2019-20 year. Please show your workings. 3. Is it possible for Jim to contribute the $200,000 into his super fund as a non-concessional contribution? Explain your anwer. DFP+SMSF Module 3Wkplace Simulation 190820