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FNSACC502 Prepare Tax Documentation For Individuals

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  • Course Code: FNSACC502
  • University: Sydney Metro College
  • Country: Australia

Question:

Answer the following questions in writing.

  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 to research these core principles and mention principle number five.
  7. Give two examples of “adequate and effective conflict management arrangements” that you as a “tax practitioner” can apply in a 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 lodgement date for the scenarios detailed in appendix ‘Lodgement Dates’.
  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 taxpayers mentioned in appendix ‘Assessable Income’?
  15. Advise whether the listed scenarios in appendix ‘Income Types’ are assessable income, statutory income, exempt income or non-assessable income.
  16. Identify each of the listed business outgoings in appendix ‘Account Categories’ are either an expense or Capital.
  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.

Which of these amounts are tax deductible to Matthew? Briefly Explain.

  1. Calculate the amount of Medicare levy and Medicare levy surcharge for the resident taxpayers mentioned in appendix ‘Medicare Levy’.
  2. Calculate Low Income Tax Offset (LITO) for the taxpayers mentioned in appendix ‘Low Income Tax Offset’.
  3. Using the table of income tax rates, calculate the primary tax for taxpayers mentioned in appendix ‘Primary Tax’.
  4. Advise whether each of the following expenses are tax deductible. Your answer should include reasons why the item is deductible or not, quoting the relevant section of the Act. If deductible, specify which category (compulsory uniform, non-compulsory uniform, protective clothing or occupation-specific clothing).
  5. An apron worn by a baker
  6. Safety boots for a factory worker
  7. Black suit worn by a funeral director
  8. Plain uniform worn by office staff (must be worn)
  9. Plain sunglasses worn by road repair crew
  10. Ray-Ban sunglasses worn by road repair crew
  11. Cardigan worn by nurse with hospital logo on it
  12. Doctor's stethoscope
  13. Goggles used by a welder
  14. Football jersey for an AFL player
  15. Chef's hat
  16. Ear plugs for aircraft baggage handlers
  17. Qantas pilot's cap.
  1. Belinda worked for 41 weeks in the year and she used to wash her work uniform twice a week at home with other personal clothing. Give advice to Belinda for her laundry expense with examples?
  2. 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.

  1. Prepare a depreciation asset schedule for the assets mentioned in appendix ‘Depreciation expense’.
  2. Michael bought a camera on 25th May 2011 for $5500. It has an effective life of 10 years. Until 18th January 2012 he used it for personal purpose and from that date he started working as a graphic designer and used that camera for work purpose only. Calculate how much Michael will be able to claim in 2013/2014 return.
  3. To be entitled to an ABN, an entity will have to ‘carry on an enterprise’ in Australia. What is the meaning of enterprise in this context?
  4. Frederick, a freelance photographer has an ABN and is registered for GST; he has about 20 clients and has charged them total fees of $60,500 including GST. He has purchased  stationery  and  other  items  totalling  $6,600 including  for  his  business during the same period. Calculate the GST position of the tax payer.
  1. Using the form supplied in the appendix ‘ABN Application for a Sole Trader’, prepare ABN application for the following client:

Gordon Smith (TFN 999 999 999) (DOB 01/11/1989) commenced a new furniture making business as a sole trader at 269 Harold Street, Croydon, NSW, 2136 on 1 January 2013. He has registered his business using the trading name Awesome Furniture and estimates that his turnover will be a little over $62,000 (excluding GST). It is his first time running a business and he needs to apply for an ABN and register for GST. He intends to lodge his Business Activity Statements quarterly and will use the cash accounting method.

Additional details are as follows:

  • Home address: 196 Princes Highway, Ashfield, NSW 2135
  • Postal address: PO Box 206, Ashfield, NSW 2135
  • Phone number: 0402 111 21
  1. Robert bought a property for $175,000 on 24th Oct 2009. He had to pay stamp duty of $5000 and solicitor’s fee of $2000 while buying the property. He sold the property on 15 June 2010 for $240,000. He had to again pay a settlement fee of $5,500 while selling it. Calculate his capital gain/loss.
  2. What is fringe benefits tax (FBT)? Give two examples?
  3. Leila Karim is a doctor who made the payments listed in appendix ‘Deductions’ during the year. Answer the following questions:
  1. Advise which of these are deductible for tax purpose.
  2. If according to your opinion, any of the expenses are not deductible, briefly mention the reasons to the client.
  3. Explain the substantial requirements that she will need to satisfy.
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