ACC00132 Taxable Income and Tax Liability
A SINGLE WORD file containing your letter of advice, work papers and associated explanations,and income tax return from HandiTax should be submitted via the link on MySCU;
• You can prepare work papers in Excel, then copy and paste into your Word file
• Your income tax return prepared in HandiTax will need to be copied and pasted into your Word file
• Your letter of advice should be included at the beginning of this document
2. Further instructions regarding the Income Tax Return will be provided during class in Week 10 and by way of announcements on MySCU in the weeks prior to the due date for submission.
• You have a single Word file that contains all the required components
• You have reviewed the similarity index and report and are satisfied that your work is your own Your client (use your own name as the client name) comes to see you in August 2018, asking to prepare an income tax return for the year ended 30 June 2018.
2. Use HandiTax to prepare the income tax return, including all relevant schedules/worksheets,for the year ended 30 June 2018. Use your own name, and the Dummy TFN that you will be assigned. All other details are to come from the assignment instructions. Print the Worksheets & Error Report from HandiTax to include in your Word file.
3. Write a professional letter of advice (about 1 - 2 pages long) to your client summarising;
their tax situation (tax payable or refundable)
the important aspects of the items that are included in their tax return and those that have been disregarded
advice to your client about potential improvements to their record keeping and other information that is relevant for future tax planning
instructions to your client regarding the income tax return Your letter should be comprehensive but concise (2 pages only). If it is too long your client won’t bother reading it. It should be written in language and pitched at a level your client will understand. It should not be too technical; your client is unlikely to be interested in which sections of the legislation form the basis of your decisions.It is recommended that you seek help from Student Learning Support to ensure that you have used professional language and your letter is error free.
Answer:
Hope you are doing well and it has been a great honour to be associated with you and be a part of your tax planning and I wish that association shall continue for ever.
This letter seeks to address you tax liability for the year and advised with respect to tax planning.
In this regard, you have provided us with various details for computing your taxable income and tax liability for 2017-18. It has been evidently clear that you are tax resident of Australia for the captioned year. The details provided have been analysed from our end with respect to deductibility, taxability and exemption if any.
The tax implication for the captioned year stands at AUD 41327/- and the amount payable stands at AUD 8557/- . The details of the same have been annexed herewith for your reference.
Our Tax analysis is here-in-under:
- For the captioned year, during our analysis we understood that you have not been maintaining logbook on account of which it was not possible to claim 80% of the expenditure incurred for vehicle used for official and the same was restricted to 66 cents for 5000 KM under alternative method.
- For mobile expense, the expenditure pertaining to purchase of mobile belonged to previous year and the same cannot be claimed.For travel allowance, since your daughter went with you the same has been considered at 50%.As only official expenditure is allowed under Australian tax Act.
- The term Gross pay symbolise enclosing all i.e. Travel allowance and Reportable Superannuation contribution.
- For dividend, it has been believed that 28-03-0218 dividend has not received by you as you have disposed your holdings before. Further, the dividends are franked and the credits of the same have been taken at the end @ 30% . i.e Company Tax rate.
- Since the share have been held under both the case for more than 1 year benefit of discounting method shall be available; For expenses incurred with the purchase of property , the same shall not be allowed as expenditure rather they shall form a part of cost base at the disposition of property;
- Stove and Carpet has been considered as depreciable asset;
- Borrowing expense and interest has been immediately deducted Purchase of conventional clothing falls under conventional clothing. Hence, not deductible.Donation to RSL Art Union prize Home is not deductible.
- Fees to accountant is deductible Insurance policy taken for loss of income is deductible Medicare levy surcharge shall be applicable @1.25% as no private insurance taken.
The above views are expressed based on details provided and in term of law applicable for the captioned person. The same shall change with change in circumstance and law. Further, it shall be useful only for the person it is intended to.
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