Tax Deduction Superannuation
May 25th, 2010Question: How each item treated for tax return 2005/2006?what are FBT liabilitiesfor Kaos from provisions & benifits?
Maxwell Smart commenced employment with control on 1st april 1985.He resigned on 31swt march 2006 to take up a position with Kaos.He was aged 46.
Details of smart’s financial affairs for 2005/2006 year of income are as follow.on retiring he was paid the following amounts(before PAYG deductions).
1. A superannuation payout of $300,000 from the control Superannuation Fund,He elected to rollover $135,000 into the Kaos Superannuation Fund.There was a $30,000 undeducted contribution component in the $300,000 payment but this was not rolled over.
2.Accrued annual leave $12,000.
3.A lumpsum payment of $100,000 for signing a contract that he would not divulge any ofControl’s secrets to Kaos for a period of three years.
Smart’s rermunerative package with Kaos.
-base salary $150,000pa
-Employer contributions to hte Kaos Superannuation Fund $30,000
-subscription to spy magazine $300
-BMW car cost $115,000.Smart travelled 10,000km from 1 april 2006 to 30 june 2006.
Answer: r u serious?
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