Please use australian tax laws etc

Required:

i.A tax return for Alberto Cortes using electronic lodgement facilities.

ii.A Client Engagement Letter

iii.A Client Substantiation Declaration

iv.A Client Interview Form

v.A letter providing Alberto with the answers to the four questions he asked above

Clearly show in your working papers (also to be uploaded) workings in determining Albertos net capital gain or capital losses available to carry forward.

Alberto Cortes is a single resident Australian taxpayer employed as a lecturer by Universal Training Group.During the 2016 /17 tax year, Alberto also sold two properties and some shares.

His Payment Summary from Universal Training Group (ABN: 12 345 678 901) showed the following for the year ended 30 June 2017:

Payment Summary

Gross Wages

$40,000

Performance Bonus

2,000

PAYG tax withheld

5,347

Union fees deducted and forwarded to Academics Federation

700

Alberto has also disclosed other amounts received during the 2016 /17 tax return:

Winnings from casino (Alberto won a jackpot at one of the card tables)

15,480

Proceeds from sale of rental property on Gold Coast

432,000

Proceeds from sale of shares in Golden Mining NL

9,340

Proceeds from sale of shares on Blackpitt Ltd

415

Proceeds from sale of holiday house in Nelson Bay

397,000

Proceeds from sale of artwork (partially destroyed during cleaning)

750

Interest on Commonwealth Bank account

150

The shares in Blackpitt Ltd were sold before any dividends for 2016 /17 were declared.

Golden Mining NL only paid one dividend which Alberto Received before selling his shares of $200 cash with a franking credit of $$86.

Details Relating to Assets Sold:

The rental property was originally purchased for $276,800 during 2006 /07.

The purchase price included eligible capital works from which Alberto has claimed a deduction of $19,400 during the period held.

The Golden Mining shares were purchased for $2,770 during 2007 /08.

The Blackpitt shares were purchased for $4,075 during 2011 /12.

The holiday house was originally purchased for $428,000 in 2012 /13.Alberto has incurred a further $20,000 in building extensions and $6,800 in rates and insurance during the period held.The property has only ever been used by Alberto for weekends away from Sydney.

The artwork was originally purchased in 2014 /15 for $5,000.

Other Expenses:

Alberto has kept an estimate that he has used his 1,500cc car for 3,200 work related kilometers.He has also estimated that the petrol used for this amounted to $480.

Alberto's net rental loss prior to selling his rental property was $2,090 for the 2016 /17 tax year.

Alberto uses a room in his home exclusively for work preparation.The room accounts for 25% of the floor space of his home.Alberto's mortgage interest, rates and insurance for the tax year amounted to $27,590 while electricity used for the room was estimated at 10% of $1,800.

Tax agents fee of $290 paid in August 2016 when last income tax return was prepared.

Alberto made the following charitable donations during the year (receipts available): Queensland Cancer Fund $100, Doctors Without Borders $50.

Alberto contributed to the Medibank Private Ltd Health Fund.The Policy Number is 2356578 and the policy type is combination.The Private Health Insurance Rebate amounts advised are $4507 premiums available for Australian Government rebate, and Australian Government rebate received is NIL.

Albertos personal details are as follows:

Address:23 Nonesuch Street

Bracken RidgeQld4017

Telephone contact: 07 6543 2109

Tax File Number: 322 666 553

Date of Birth: 16/4/1967

Alberto requests his tax refund cheque, (if any), to be sent directly to his bank account by electronic transfer from the Tax Office.He advises his BSB No is 064999 and the account is in his name at the Commonwealth Bank Account Number :71234.

This is only the second time that Alberto has used a tax agent to prepare his tax return and he has some additional questions for you:

1.Alberto is aware he is a bit late seeing an accountant this year and as a consequence his return will probably be lodged late. He inquires as to the time frame for lodgement of taxation returns and the penalty he could incur.

2.He is also aware that there are different ways to calculate capital gains and would like them explained to him.

3.Alberto is a little uncertain as to the meaning on his dividend statements of the terms franked amount and franking credit and would like you to explain them to him.

4.Finally, Alberto heard that changes to the methods available to claim car expenses/depreciation were announced in the budget, and would like the proposed changes explained to him.

Required:

i.A tax return for Alberto Cortes using electronic lodgement facilities.

ii.A Client Engagement Letter

iii.A Client Substantiation Declaration

iv.A Client Interview Form

v.A letter providing Alberto with the answers to the four questions he asked above