“Tax Practice Assignment” through the preparation of an individual (“I”) tax return…

CLWM 4100 – Learning Outcome 5:“Tax Practice Assignment” through the preparation of an individual ("I") tax return using the GovReports government reporting software package. The Tax Practice Assignment is a team activity with students working collaboratively in teams of a maximum of 5 each of whom will receive the same team mark. However, students should be aware that if a lecturer receives a complaint about the lack of involvement of a team member in his/her team's assignment activities, the matter will be investigated. If it is found that the complaint is warranted then the student about whom the complaint was made will receive a mark of zero unless the student submits his/her own assignment for marking. However, students should be aware that Kaplan’s late policies and penalties and academic integrity policies will apply. Details of the assignment: The assignment consists of four parts. The main Part (“Part A”) requires the preparation and lodgement of an individual (“I”) income tax return for George Smiley(“George”) using GovReports. (See Attachments 1 to 4 for details.) The completion of Part A will require the input of data either contained in thefollowing attachments to this document, or which you determine as a consequence of completing the other three parts of the assignment: 1. background information and George’s personal financial transactions for tax purposes; 2. the financial records of his business Second Chance; 3. George’s share of the net income of the partnership TelDrop; and 4. the amount distributed to George from The SmileyFamily Trust. The other three parts of the assignment are: ? Part B – thecalculation of the net income for tax purpose of Second Chance; ? Part C-the calculation of and the distribution of the net income of TelDrop; and ? Part D- basically the calculation of the tax payable by the trustee of The Smiley Family Trust. Each of these parts is to be completed as separate exercises which will require students to show their workings, where necessary, and describe the reasoning behind their treatment of the items of data for taxation purposes. It is recommended that these parts should be completed prior to the commencement of Part A. Students should be aware that for George’s “I” return the GovReports sytem includes the Supplementary Section and the Business and Professional Items Schedule for Individuals that are normally required to be lodged separately together with the core return. The Supplementary Section covers supplementary questions on income 13 to 24 inclusive, on deductions D11 to D15 inclusive, and on tax offsets T7 to T14 CLWM 4100 Taxation Law: Tax Practice Assignment CLWM 4100 Tax Practice Assignment T1 2017/IM inclusive. The Business and Professional Items Schedule covers various matters from P1 to P15 inclusive, such as P8 which covers the determination of a business’s annual net income. In GovReports these matters are included in the “I” return as a whole and not through the use of separate schedules. To assist taxpayers in the preparation of their tax returns, the ATO each year on its website (www.ato.gov.au)makes available to taxpayers instructions for the completion of various returns and schedules and these include both the schedules referred to above as well as the “I” return in general. It is recommended that students should avail themselves of this facility in order to answer correctly the various questions raised by GovReportswhen completing George’s “I” return. Please make sure you familiarise and follow the guidelines relating to presentation of written work, late policy and academic integrity. You should also familiarise yourself with the assessment marking matrixbelow which shows how marks will be allocated. Submission: Teams are to submit the following electronically: 1. A hard copy of George’s electronic tax return(Part A) as prepared using GovReports; 2. answers to Parts B, C, and D, including all working papers; and 3. a Team Work Cover Sheet showing the name and student number of each team member who, if agreed to by their team colleagues, is to sign against their name – see the teamwork cover sheet at the end of this assignment.

 

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