求助 2008 SMSF Annual Return

Artcore

ABC Self Managed Super Fund                       

Member A = Pension                               
Member B = Accumulation                               

Actuarial Certificate Percentage (Pension Exemption) = 80%               
Fund is unsegregated fund and it derives the following income:                               

Income/Expense                                $
Taxable contribution from Member B                         50,000
Capital gain - Other Method                                500,000
Other investment income                                225,000
                        Total Assessable Income        775,000
                               
Fund investment expense                                 10,000
Management and administration expense                 10,000               
Other deudctions                                           5,000               
                        Total Fund Deductions         25,000               
                                               

Questions to be answered:                                               
Q1: Exempt current pension income = (500K+225K)x80% = $580,000                                               
Exempt current pension income = (500K+225K-25K)x80% = $560,000                                               
Or Exempt current pension income = 225Kx80% = $180,000, which one is correct?                                               
                                               
Q2: Net capital gain = $500K, is it correct?                                               
Or Net capital gain = $500K x (1-80%) = $100K?                                               

Q3: Deductions as at Section C of 2008 SMSF Annual Return                                               
Investment expenses = $10,000 or $10K x (1-80%) = $2,000?                                               
Management and administration expenses = $10,000 or $10K x (1-80%) = $2,000?                                               
Other deductions = $5,000 or $5K x (1-80%) = $1,000?                                               

Calculation                                Method A        Method B        Method C
                                               
Income                                            $           $           $
Net capital gain                                500,000        100,000        500,000
Other investment income                        225,000        225,000        225,000
Assessable contribution                         50,000         50,000         50,000
                Total Assessable Income        775,000        375,000        775,000
Deductions                                               
Exempt current pension income                 560,000        180,000        580,000
Fund investment expense                         10,000          2,000          2,000
Management and administration expense         10,000          2,000          2,000
Other deudctions                                  5,000          1,000          1,000
Total Fund Deductions                          585,000        185,000        585,000
                        Taxable Income        190,000        190,000        190,000

Which Method (A, B or C) is correct?

[ 本帖最后由 Artcore 于 2008-12-23 13:59 编辑 ]

Xavier

Artcore, how many points are you going to give out if I answer your questions?

Artcore

很多。当然要是好的答案， 最好有参照的。

Xavier

Answers:

Q1: Exempt current pension income = (500K+225K)x80% = $580,000         
Q2: Net capital gain = $500,000
Q3: Method C

Reference:
http://www.ato.gov.au/content/downloads/n15437-07-2006_w.pdf
and TR 93/17

Artcore

Those 2 reference I have already.

As you can see, while the final result of deriving the taxable income is the same, but the amounts reported on the annual return is different.

Xavier

Thanks for the points Artcore.

You are right the results are the same when we apply method A and B to the return. However, in answering your questions, we need to look at the exact meaning of the individual item/label in the Fund’s tax return. By paying much attention to these procedures we can avoid being made non compliance. Compliance is one of the main focuses in the new superannuation reforms. An ATO audit is the last thing we ever want.

Label K at item 11 talks about exempt pension income. It does not take into account any expenses.

As for the capital gains, NAT 15437-07.2006 has one paragraph indicating that:” if the fund has unsegregated current pension assets, trustees will need to factor in capital gains and losses. In this case, capital gains are seen as normal assessable income. Trustees will need to include these gains as part of the fund’s income before you work out how much of the fund’s income is tax exempt.”

Hope this eliminates your concern.