Suppose you work as an assistant accountant for an Accounting firm called Maan pty ltd, an accounting firm, firm has many clients. Firm is involved with many accounting functions such Bookkeeping, tax, BAS, GST and other requirements. One of their client Marry came to you after July 2015 to lodge her tax returns. Mary has provided you the following information. Read this information carefully and answer below tasks. You must answer all tasks to get satisfactory performance in this assessment activity.

Mary has advised you she runs a small tapware business from her home, which is not GST registered. Her ABN is 84 491 702 643.

Details were as follows:

Sales were $58,000

Costs were as follows:

Purchase $28,000

Advertising $5,500

Bank charge $1,000

Telephone $4,500

Stationery $1,500

Speeding fine $386

12-month business insurance payment on 1 March 2015

$2,400

Suzuki 300o C.C travelled for business 1800 kilometres

Marys TFN is 456 896 543. Mary has resided at Bass Hill for the past four years and would like all correspondence sent there. Her business address is the same as home address, 13 George St, Bass Hill NSW 2777

Mary advises that she owns 2,750 Coles share and received fully franked dividend as follows:

14/10/2014 Franked Dividend $110 Imputation credit $47

14/04/2015 Franked Dividend $126 Imputation credit $54

Mary sold Telstra (TLS) shares 29 June 2015: 3000 TLS shares @4 per share

Mary bought Telstra (TLS) shares 2^nd November 2011: 3000 TLS shares @3.40 per share

Interest received from ANZ bank $2,300

Mary (DOB: 03/05/1977) is married to David. Mary works part time at Coles as night filler

During the work at Coles she has following expenditure:

Purchase working shoes $120

Washing uniform 38 weeks

WHS training paid $420

Tax agent fess $120

Donation to Salvation Army $50

You are engaged to prepare Marys tax return of 2014/15. You need to communicate with her and complete the following tasks for her case.

a

Look at Marys provided information to Identify and calculate prepaid and expired expenditure, which can be claimed as deduction. What will be its effect on asset on 30^th June? (PC 1.2, 1.6)

b

Preparing and lodging tax return, as accordance with ATOs timelines is very important to meet legal and compliance requirements. What are the timelines to lodge a tax return for Mary? (2.2, 3.1)

c

Once you have prepared the tax return, now do a 2 to 3 minutes interview with your trainer, assuming him/her as tax specialist. In this meeting discuss Marys tax liability with trainer and ask any questions, if you are not clear about anything. This interview will help to get ready to lodge Marys tax return after taking her signatures.(2.3)

Your trainer will use following checklist to assess your skills.

Did the learner	Yes/No	Comments
Explain Marys overall tax position
Showed all tax calculations for Mary
Used good questions methods
Recorder trainer (specialist advice) with good listening skills