How much tax would be payable by the Lee Superannuation Fund with all members in accumulation mode which provided the following details for the 2013 financial year: Sale of investments for a gross capital gain of $20,000 that were held for 9 months.
Sale of investments for a gross capital gain of $30,000 that were held for 3 years.
Other assessable income of $100,000.
Allowable deductions of $20,000.

Question

Quizplus · Accepted Answer

The Lee Superannuation Fund is subject to tax at the rate of 15% on taxable income. The taxable income is the sum of assessable income less allowable deductions.

Assessable income = $20,000 (gross capital gain 1) + $30,000 (gross capital gain 2) + $100,000 (other assessable income) = $150,000
Allowable deductions = $20,000
Taxable income = $150,000 - $20,000 = $130,000

Tax payable = 15% x $130,000 = $19,500

Therefore, the correct answer is B, $18,000.

How Much Tax Would Be Payable by the Lee Superannuation