Fnsacc601 - Prepare And Assessment Answer

FNSACC601: Prepare and Administer Tax Assessment Answer

Assessment Task:

Task 1
Please use the following information to prepare the 2018 Fund Income Tax Return of the taxpayer.

General information
Accountants Superannuation Fund
Tax file number  - 123 123 321
ABN 68 124 574 785
Postal address 50 Watershed Drive Batemans Bay NSW 2780
Trustee ASF Pty Limited (Mr John South – Director)

ABN - 66 123 456 789
Phone - 9782-5678

Fund type Retail fund (established 1/7/2000)

with 1,500 members

Tax agent & Auditor   Mr Honest John of Honest John & Associates
100 George Street Sydney NSW 2000
Phone 9788-6549
Tax agent number     45678 001

Other information
During the year there were no transfers of liabilities to other entities, no overseas transactions, no exempt current pensions and no transfers of benefits.

Task 2
Use the following information to prepare the 2018 Company Tax Return of the taxpayer.

General information

Ynnep Pty Ltd - a resident private company
Tax File number 456 456 654
ABN 12 456 789 101
Postal Address  20 Pitt Street Sydney NSW 2000
Main business  Computer specialists
Tax agent Mr. Honest John of Honest John & Associates
100 George Street Sydney NSW 2000
Phone 9788-6549
Tax agent number 45678 001
Public Officer Mr. John North
Phone 9654-1234

Notes to accounts
(1) Decline in value at taxation rates is $65,000
(2) Included in legal fees was $20,000 for unsuccessful takeover of competitor

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