FNSACC601 Prepare And Administer Tax Documentation For Legal Entities - Tax Assessment 13

Task 3 - Superannuation Contributions

During the 2017/18 tax year, Karen salary sacrificed $24,000 in her complying superannuation fund. Her employer also paid $3,515 in Superannuation Guarantee payments to her superannuation fund. Her taxable income is $37,000 for the 2017/18 tax year.

Required

1. Calculate the employer’s deduction. (1 mark)
2. Calculate the superannuation fund’s assessable amount and identify the type of contribution. (1 mark)
3. Calculate the tax payable on the contribution by the superannuation fund. (1 mark)
4. Calculate Karen’s cap amount and determine how the excess contribution, if any, will be taxed and indicate how Karen can pay her tax liability. (4 marks)
5. Explain if Karen is eligible for any of the tax offsets available in the superannuation system. (3 marks)

Note: You should refer the ATO’s website and may need to conduct a research for part e.