FNS60215 Diploma of Accounting Assignment Sample
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Assessment task 2
Comprehensive and detailed checklist for preparing tax return of the Company, Trust, Non-complex Super Fund, and Sole Trader
| Section of the Income Tax Return | Yes | No |
| Name of account holder, Company, Trust, Non-complex Super Fund, and Sole Trader: | ||
| Did you live in Australia for the whole tax year? | ||
| Do your business has income-
· Salary or wage
· Allowances, earnings, tips, director’s fees etc. · Employer lump sum payments · Employment termination payments (ETPs) · Australian Government allowances and payments like Newstart, youth allowance and Austudy payment · Australian Government pensions and other allowances · Australian annuities and superannuation income streams
· Australian superannuation lump sum payments · Attributed personal services income · Gross interest · Dividends · Employee share schemes (ESS) |
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| Does your business has supplement Income and Loss
· Partnerships and trusts · Personal services income (PSI) · Net income or loss from business · Deferred non-commercial business losses · Net farm management deposits or repayments · Capital gains · Foreign entities · Foreign source income and foreign assets or property · Rent · Bonuses from life companies and friendly societies · Forestry managed investment scheme income |
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| Does the statement of distribution is properly prepared | ||
| Has tax return of last year been checked for reversing time differences? | ||
| Have all items of balance sheet been reviewed?
· Deductibility of consumable stores, · Write-offs, · Assess-ability ofdeferred income, · tax treatment of bills of exchange |
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| Does the company have checked its trading stock? | ||
| Have you considered whether the total profit and loss at Item 6 label reconciles to the profit and loss statement?
If not, determine the nature of the difference · Income from overseas branches or · Subsidiaries should be excluded |
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| Have you ensured that the tax opening balance of current year agrees with last year’s closing balance? | ||
| Have you ensured that the repairs expensed for accounting purposes, but capitalized for tax purposes, been treated as additions totax fixed assets schedule and depreciated? | ||
| Has income from only Australian sources been included as well as permanent establishments been included? | ||
| Have all superannuation contributions claimed to the fund before year endfor the year been paid?
If not, haveaccrued superannuation contributions been added back? |
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| Has the capital gains calculationfor correctness been reviewed? | ||
| Have repairs and maintenance claims been reviewed for ensuring they are of a revenue nature and contain nocapital items? | ||
| Have the application of the TOFA rules in Div 230 of the ITAA 1997 been considered? | ||
| Has the relevant disclosure been completed to a consolidated head company? | ||
| Have all the appropriate disclosures been made at ITR Item 8? | ||
| Have the continuity of business tests been reviewed for ensuring the company can deduct its prior year tax?
· Losses · Capital losses · Bad debts |
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| Has the company been advised by the ATO to lodge a Reportable Tax Position Schedule? | ||
| Have all refundable tax offsets been included? | ||
| Has all income been identified as assessable foreign sourced and returned as assessable income?
If no, has foreignincome been grossed up? |
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| Have the luxury car tax been included in the tax expenses? | ||
| Have all the items are clearly been mentioned in GST? | ||
| Have all fuel tax credits are included as expenses? |
All provided checklist included the relevant information for preparing tax return.
Assessment Task 3
Case study: 1
Taxable income and tax payable by Jenny for the year ending 30 June 2012 is as under:
| Particulars | Amount in $ |
| Salary +PAYG ($59,570+$10,430) | 70,000 |
| Redundancy payment [136000 – (8435+ 4218) * 0.15] | 64,495 |
| Long service leave | 21,039 |
| Annual leave | 6,388 |
| Superannuation lump sum benefit (Taxed Components) | 150,000 |
| Taxable Income | 311,922 |
| Income Tax 54,550 + (311,922 – 180,000)*45% | 113,914.50 |
| Add- Medicare Levy (311,922 – 150,000)*1.5% | 2,428.83 |
| 116,343.33 | |
| Less- Lump sum Tax Offset | 81,462.25 |
| 34,881.08 | |
| PAYG ( 10,430 + 12,200) | (22,630) |
| Tax Payable | 12,251.08 |
Working note
Calculation of lump sum tax offset
| Income Tax | 113,914.50 | |
| Less tax on 70,000 | (14,550) | |
| Less tax on ( 21,039 + 6388 ) * 30% | (8228) | |
| Less tax on 64,495 x 15% | (9674.25) | |
| Total tax on 150,000 | (32,452.25) | |
| Offset | 81,462.25 |
Case study: 2
Adum’s maximum deduction for motor vehicle expenses are calculated as under:
| Expenses | Amount in $ |
| Fuel | 5,200 |
| Insurance | 920 |
| Registration | 350 |
| Service/Repairs | 1,040 |
| Decline in Value (28,200/8 x 200% ) | 7,050 |
| Total Operation Cost | 14,560 |
| Usage | Amount in $ |
| Salon to home | 3,150 |
| Home to salon | 3,150 |
| Salon to college | 1,840 |
| College to home | 2,147 |
| Other private travel | 5,632 |
| Travel to conference | 900 |
| Total | 16819 |
The work related percentage is: (1840 +900) / 16,819
=16.29%
| All Methods available | Amount in $ |
| Log book (14,560 x 16.29%) | 2,372 |
| One third Operating cost (14,560 / 3) | 4,853 |
| 12% Original Cost (12% x 36,200) | 4,344 |
| Cents per Km ( 5,000 Kms * 0.74 ) | 3,700 |
| Maximum Deduction | 4,853 |
References
Blazek, J., 2012. Tax Planning and Compliance for Tax-exempt Organizations: Rules, Checklists, Procedures (Vol. 239). UK: John Wiley & Sons.
Sledgianowski, D., Gomaa, M. and Tan, C., 2017.Toward integration of Big Data, technology and information systems competencies into the accounting curriculum. Journal of Accounting Education, 38, pp.81-93.
Soled, J.A. and DeLaney Thomas, K., 2017.Regulating Tax Return Preparation. BCL Rev., 58, p.152.
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