Fairview Superannuation Fund (a complying fund) received the following amounts and incurred expenditures for the...
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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 andsupport your answer with reference to appropriate sections of the Income Tax Assessment Act
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