Mia contributes $2,000 to a complying superannuation fund on behalf of her husband Lucas.

Mia contributes $2,000 to a complying superannuation fund on behalf of her husband Lucas. Lucas’ assessable income for the year was $40,000. What is the amount of the spouse contribution offset allowed to Mia?

$360

$540

$0

$720

Expert Solution

Ans: the amount of spouse contribution offset allowed to Mia is $0

Explanation: Maximum tax offset is $540 for which the spouse contribution need to be $3000 and partner's annual income should be less than $37000.

If the annual income is more than $37000, spouse can still avail partial offset but once the income reaches $40000, no offset is available. However, spouse can still contribute to the fund.

Here, Mia contributes $2000 to the superannuation fund on behalf of her husband Lucas. The annual income of the Lucas is $40000.

As per the applicable provisions, Mia is not eligible for tax offset because the annual income of her husban Lucas is $40000. Mia can still contribute to the fund

Therefore, the amount of spouse contribution offset allowed to Mia is $0.

ekkarill92 answered 2 years ago

QUESTION 3 Harper has $200,000 in her superannuation fund, and her fund is in the accumulations...

QUESTION 3 Harper has $200,000 in her superannuation fund, and her fund is in the accumulations phase. Harper’s employer contributes $10,000 during the year. The fund has distributed Harper’s $200,000 into various investments and makes a gain of $25,000 for the current financial year. This gain consists of $15,000 interest and $10,000 in capital gains from the sale of assets that had been held for more than 12 months. What is the tax payable for the superannuation fund for the...

Mary has $400,000 in her superannuation fund made up of a tax-free component of $200,000 and a taxable component of $200,000.

Mary has $400,000 in her superannuation fund made up of a tax-free component of $200,000 and a taxable component of $200,000. Mary, who is 60, retires and receives a superannuation lump sum of the full amount. How much tax is Mary liable for?NilHer marginal tax rate on $200,00015% on $200,00015% on $400,000

Question

Mia contributes $2,000 to a complying superannuation fund on behalf of her husband Lucas.

Solutions

Expert Solution

Related Solutions

QUESTION 3 Harper has $200,000 in her superannuation fund, and her fund is in the accumulations...

Mary has $400,000 in her superannuation fund made up of a tax-free component of $200,000 and a taxable component of $200,000.

		$360
		$540
		$0
		$720