READ ALSO : Accounting for Financial Planners The ‘Wong Superannuation Fund’, a complying self-managed superannuation fund comprises four members; Mr Charles Wong aged 62 years; Mrs Shirley Wong aged 55 years; Ms Mary Wong aged 25 years and Mr Adam Wong aged 22 years. The following transactions and financial information is provided below in relation to the funds operations in 2014–15. The fund is registered for GST and the following amounts include GST: a)Sold shares for $1,000,000 which were purchased for $550,000 in June 1985 b)Sold shares for $1,250,000 which were purchased for $380,000 in March 1984 c)Sold shares for $40,000 which were purchased in May 2006 for $48,000 d)Sold shares for $1,830,000 which were purchased over the previous nine months for $1,650,000 e)Received fully franked dividends of $122,000 and interest from bonds and term deposits of $280,000 f)Received $22,000 commercial property rent g)Non-concessional contributions to the fund were $50,000 h)Concessional contributions to the fund were $50,000 In terms of payments made by the fund during the financial year the following amounts also include GST: a)Accounting and tax return fees $8,800 b)General legal fees $2,100 c)Purchase of a set of stamps as an investment for the fund $24,000 d)Deductions relating to the commercial property were $5,000. e)Purchase of shares in June 2015 at a cost of $62,000 f)Brokerage on the purchase of the shares $122 g)Payment of a lump sum of $80,000 to Mr Charles Wong when he retired in May 2015 REQUIRED: Based on the information supplied, determine the taxable income and income tax liability of the superannuation fund for the 2014–15 financial year. Valuations under s 295-90 at items (a) and (b) (sale of shares) are $570,000 and $410,000 respectively.
