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Fairview Superannuation Fund (a complying fund) received the following amounts and incurred expenditures for the...

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Question

Accounting

Fairview Superannuation Fund (a complying fund) received the following amounts and incurred expenditures for the 2020-21 tax year:

Item

$

Dividend franked to 100% from a listed public company (not a base rate entity)

140,000

Rental income from a property leased to Fairview Discretionary trust a related entity (the lease payment of $15,000 has been determined by an independent valuation)

15,000

Sale of shares in a listed public company. The shares had been acquired in Sept 2006 had a cost base of $80,000

92,000

Interest from term deposits

20,000

Employer contributions on behalf of employees

60,000

Expenditure incurred by the Fairview superfund- Administration costs

150,000

-Accountancy and audit fees

20,000

Payment to retiring members of the fund lump sums

130,000

- pensions

70,000

Legal expenses incurred to redraft the fund deed to ensure compliance with APRA regulations

2,500

Required:

Calculate the taxable income of the Fairview Superannuation Fund and the amount of tax payable (refundable) for the 2020-21 tax year. Show all calculations and support your answer with reference to appropriate sections of the Income Tax Assessment Act

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