What is the taxable income of the fund

Assignment Help Taxation

Reference no: EM133606302

XYZ Super is a complying superannuation fund.

The audited operating statement for the income year is provided below:

Receipts	$
Contributions from employers	200,000
Personal non-concessional contributions	40,000
Interest in fixed-term securities	25,000
Franked dividends (excluding franking credit of $30,000)	70,000
Expenses
Administration expense	35,000
Benefits paid to members	50,000
Benefits accrued for members before income tax	250,000

Interest on the fixed-term securities was derived from segregated current pension assets, paying current pensions.

Required:

What is the taxable income of the fund?
What is the tax payable by the trustee?

Reference no: EM133606302

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