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Subject Code : FNSACC512
Assignment Task

Summary and Purpose of Assessment

This is assessment task 2 of three (3) that students need to complete satisfactorily, in ordered to be deemed competent for this unit. This assessment is to be completed individually.

This assessment simulates a real-life work scenario of a tax agent and requires student to complete a range of tasks relating to:

1. The gathering and verifying of client data
2. The calculating of taxable income
3. The reviewing of compliance 

Assessment Instructions

Lou Tide has come to see you regarding his most recent tax return. He has provided his personal details and some additional background information that will assist you in the completion of his tax return.

Background information about Lou:

• Last year he prepared his own return but this year he comes to you.

• He took early retirement package from his job at Bottlemart as a project manager, aged 56 on 1.1.18(he had worked there for 25 years). He received that $44,000 as part of that package.

• In January this year he began an eco-touring business called “Environment Tours”, which organises two trips per year to United States. He accompanies the customers as tour guide.

• In addition he does casual tutoring at university (using a room/study at home dedicated to preparing lessons & correction) from 1.7.2017 to 30.6.2018.

You are required to:

1) Research to identify and discuss whether the four deposits are accrued or prepaid income or expenditure and therefore assessable income or otherwise. Discuss how to record the adjustment(s) to the value of an asset or liability; using Sectional references from the I.T.A.A. or other references. Research whether the government co contribution has changed since last year. Conduct research to identify any updates to compliance requirements that apply to the client’s circumstances (see his Private Super contributions), with respect to co-contribution. Explain how you would establish recording and reporting requirements. (200 words max.)

2) identify the client data required to calculate taxable income and allowable deductions; so you can complete the Individual tax return for Lou Tide for 2018/19 including any worksheets necessary (you are required to use the 2015 tax return stationary provided). Ensure this complies with Australian taxation law and ATO rulings and timeframes, accounting principles, and practices, and organisational policies and procedures.

3) Prepare a letter to Lou Tide on their tax agent’s letterhead, with advice and full workings of his net tax payable/refund for 2018/19. Include in this letter the required ATO timelines to meet compliance requirements.

4) Identify any discrepancies or unusual features and Conduct research on the ATO website to resolve any that they have identified. It concerns the Loss on variations in foreign currency and the question of whether this is tax deductible. You should be researching the $250,000 balance election. You will also need to post a question on the ATO forum (https://community.ato.gov.au/ ) asking for expert advice and guidance regarding the loss on variations in foreign currency (international tax) from at least two specialists. You will be required to provide screenshots of this as an appendix to your assessment submission including their replies. You will need to explain how this advice impacted on their decision process and what advice they will provide to the client.

 

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  • Uploaded By : Pearl
  • Posted on : November 12th, 2018

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