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FNS50215 Diploma Of Accounting Management And Income Tax

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  • Course Code: FNS50215
  • University: Charles Shurt University
  • Country: Australia

Questions:-

1. Define assessable income as per Income Tax Assessment Act 1997
2. Give two examples of ordinary income and statutory income.
3..ATO can carry out audits if they find any discrepancies in tax return. Mention the names of three such audits conducted by ATO with brief description for each
4. What are the four key differences between residents and non-residents for tax purpose.
5. Section 6(1) of the ITAA 1936 provides 4 exhaustive tests of residence for individuals. Mention them in brief
6. Part 3 of Tax Agent Services Act 2009 includes ‘The Code of Professional Conduct’. This code includes 14 core principles that apply to all registered tax agents and BAS agents. Go to Tax Practitioners Board website (http://www.tpb.gov.au) to research these core principles and mention principle number five below:
7. Give two examples of “adequate and effective conflict management arrangements” that you as a “tax practitioner” can apply in your workplace
8. John, a tax practitioner is requested by his client, Daniel to include some fictitious expenses in his tax return to reduce the tax liability. John knows that the expenses were not incurred by Daniel and if he includes them in the tax return, then Principle no. 1 (honesty and integrity) of ‘The Code of Professional Conduct’ will be violated. But at the same time John does not want to lose Daniel as client. How John can communicate his professional obligations to Daniel?
9.For how long the taxpayers need to keep evidence/record for income tax purpose? Mention the relevant legal provision (name of act and section) for this rule.
10.Mention the correct lodgment date for the following scenarios

Scenario

Lodgment date

Income tax return for all individuals and trusts where one or more prior year income tax returns were outstanding as at 30 June.

 

Taxpayers who lodge their own return using e-tax or TaxPack

 

Income  tax  return  for  individuals   and   trusts   which   were tax level 6 (tax payable of $20,000 or more on last tax assessment) as per latest year  lodged

 

Business Activity Statement for first quarter

 

Business Activity Statement for second quarter

 

Business Activity Statement for third quarter

 

Business Activity Statement for fourth quarter

 


11. Mention the name of five records/documents that can be kept by taxpayers as evidence.
12. What information must be included in a Tax Invoice for taxable supplies of more than $1000?
13. As per tax law, mention five types of taxpayers who must lodge their tax return.
14 How much assessable income was derived by each of the following taxpayers?

Residents

Non-residents

The person who has lived in Australia permanently or for

At least 183 days during an income year. Along with this

his domicile is in Australia and he makes contribution to

The commonwealth superannuation fund (Barkoczy, 2010).

The person who does not satisfy any of these conditions is considered as non-resident for tax purposes (Barkoczy, 2010).

They are entitled to claim tax free threshold.

They are not provided with tax free threshold and are taxed only on their Australian income.

Need to file tax return to disclose their worldwide income.

Need to file tax return only to disclose their Australian income (Barkoczy, 2010).

Liable for Medicare levy. 

Not liable for Medicare levy.

 
15.Advise whether the following are assessable income, statutory income, exempt income or non-assessable income.
 

Scenario

Income type

A lotto win

 

Wages

 

A capital gain

 

A gift received from a friend

 

A car allowance from an employer

 

A tax refund cheque

 

Bank interest received

 

A family tax benefit

 

 
16.Identify each of the following business outgoings as either an expense or Capital.
  

Description

Expense or Capital

Wages

 

Stationery

 

Forklift truck

 

Telephone bill

 

Fuel

 

Land

 

Photocopier

 

 
17. Matthew incurred the following expenses during the year

Interest on home loan                                     $16 200

Interest on credit card                                     $276

Interest on investment property                       $14 360

Interest on personal loan                                $1 320

Insurance on home                                         $630

Insurance on car                                             $540

Insurance on investment property                    $570

Matthew occasionally takes work home on weekends. The personal loan was taken out two years earlier, half of it to finance a share portfolio and the other half to landscape the front yard of his home

How much of these amounts are tax deductible to Matthew? Quote the relevant legislation (sections of ITAA) to justify your answer.

18.Medicare Levy and Medicare Levy Surcharge:             

Calculate the amount of Medicare levy and Medicare levy surcharge for the following resident taxpayers:

Name

Taxable income of taxpayer

Taxable income of spouse

Hospital Insurance

Medicare Levy

Medicare Levy Surcharge

Bill

44 500

No spouse

No

 

 

Sally

35 000

60 000

No

 

 

John

76 600

72 400

Yes

 

 

Fred

69 300

110 000

No

 

 

Allie

78 844

No spouse

Yes

 

 

 
19.Offset:
Calculate Low Income Tax Offset (LITO) for the following taxpayers

Name

Taxable income

LITO

Bill

14 500

 

Sally

35 000

 

John

56 600

 

Fred

69 300

 

Allie

78 844

 

 
20. Calculate Tax:
Using the table of income tax rates, calculate the primary tax for the following taxpayers.
 

 

Name

Taxable income

 

Residence status

Tax

Steven

34 000

Resident

 

Martin

65 400

Non-resident

 

Gary

65 400

Resident

 

Russell

17 500

Resident

 

June

17 200

Non-resident

 

Harry

19 750

Resident

 

Sharon

110 930

Resident

 

Hanna

90 320

Non-resident

 

Courtney

224 864

Resident

 

 
21.Motor Vehicle expense:
From the following information calculate the motor vehicle expense for Mr. John Schofield with all available alternatives and select the most appropriate option for tax purpose:
He bought a Honda Accord for $28,000 on 25th July 2013. It has an engine capacity of 2.6 litres. In the current financial year he has travelled 22,000 km in total. He has kept a log book that shows 18,000 km is for work purpose. He has incurred the following expenditures for the motor vehicle:
•Petrol: $1600
•Depreciation: $2812
•Registration: $350
•Insurance: $600
•Tyres and Battery: $1075
•Servicing: $525
He has all the records for expenses
 
22. Depreciation expense:

Prepare a depreciation asset schedule for the following (use the worksheet provided):
 

Asset

Original cost

Opening adjustable value

Depreciation rate

Electric guitar

$3600

$1289

20% DV

Drum set

$3000

$550

10% PC

Electric keyboard

$4000

$961

30% DV

 
23 Prepaid expense:
Tasty Delicatessen is a small business entity. On 1 June 2013, it made a payment of $24,000 to cover the lease of its business premises for a 12-month period commencing on 1 July 2013 and ending on 30 June 2014. How much the business can claim as a deduction for the lease payment in 2012 -13 income year? Briefly explain with relevant rule.
 
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