maximum superannuation deduction

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Question 1. Sandy is 58 years old.
She earns a gross salary of $56000 and wants to salary sacrifice $13000 into her super fund and her employer agrees with the request. What is the maximum superannuation deduction her employer can claim in the current year? 4 marks
What rate of tax does her superannuation fund pay on earnings?1mark
How does an industry body differ from a fund manager? 50 words only. 1mark
Betty wants to retire next year. She will have a superannuation benefit of $450,000 (of which$250,000 is a taxable component all of which are taxed). If she chose to receive her entire superannuation benefit as a lump sum in the current financial year how much the lump sum tax muse she pays (including the Medicare levy)? 4 marks
If she selected the minimum income level she can receive in the current financial year, how much income tax would she be required to pay? 4marks
Question2: Monique received an employee share scheme this year which she is excited about as she believes her company has a good future. Monique works for Blah ltd as a full time the market. Monique earns a total of $65,000 and does not have any additional superannuation outside the statutory guarantee amount she receives nor does she have any fringe benefit payments. The shares were offered with an obligation that they must be held for three years if still employed by the company. Provide a response including a full justification for each question below.
Doe Monique have extra obligations for her tax return this year? 5 Marks
Will Monique receive an $1000 exemption? Full details of your reasons are required to fulfil the requirements of this question. 5 Marks
Question 3: Geoff aged 54 runs a business solely in his own name with $3 million net assets and a $500,000 aggregated annual turnover. Geoff has approached you and was keen for some advice regarding any potential capital gains tax implications on the sale of his factory. Geoff Purchased the factory for $520,000 and it is now worth $1,090,000. Geoff has a taxable income of $180,000 annually.
Detail to Geoff the type of tax advice he needs, starting with your adviser’s scope of authority assuming you are a fully qualified TPB tax financial adviser and that you will advise him in any tax area that you are allowed to. Make it clear the type of tax related work you cannot do for him. 5 Marks
What capital gains tax would be payable of Geoff if he sold his factory today. 5 Marks
What capital gains tax would be payable of Geoff if he sold his factory today. and he had purchased it via his company.2 mark
What capital gains tax would be payable of Geoff if he sold his factory today and he had purchased it via his SMSF. 2 Mark
Geoff distributed money to his daughter in law while she was not a beneficiary of the trust. Geoff asks you to amend the trust deed to include his daughter in law as a beneficiary and then date the amendment before the end of last financial year. Detail your response to Geoff. 2 marks

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