This is an individual assessment that aims to enable you to demonstrate your understanding of individual...

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This is an individual assessment that aims to enable you to demonstrate your understanding of individual tax return process. This assessment assesses your research skills, your ability to synthesise an original piece of work to specific content requirements and your ability to produce a comprehensible piece of advice addressing the client's needs. You are working as a tax accountant at a medium sized accounting firm, and a client requests that you examine and analyse various taxation scenarios. You also conduct a critical analysis of that business, with reference to relevant tax laws and literature. You will then provide their client with two pieces of work. The first Part A is a report and tax return forms, the second Part B a presentation to the client providing advice and recommendations you have prepared. PART A (22 marks) The taxpayer's assessable income, allowable deductions must be identified and recorded in the 2021 Individual Tax Return Form also 2021 Business and Professional Items Schedule Form where applicable. In addition, a report (Word document, approx. 1,500 words) must be submitted advising to the client the assessability of receipts and deductibility of payments with explanations (Sales, Dividend income, Trading Stock, PAYG withholding, PAYG instalment, Superannuation guarantee, Fringe Benefit Tax, dividend paid and motor vehicle purchase). Include section numbers and/or cases in your explanations. Client's information Cynthia Andreas, a resident taxpayer, runs a sole trading business selling imported food items. She also works on a casual basis as an import/export agent at Extreme Marlin Pty Ltd (ABN: 89 125 678 968). Name: Cynthia Andreas TFN: 300 001 000 Date of Birth: 15 July 1974 Address: 23 Market Street, Newtown NSW 2200 Contact: 0456 587 987 (Work: 02 9578 3648) Bank account: BSB 225887 Account 378458 Cynthia is not covered by a private hospital cover. This is an individual assessment that aims to enable you to demonstrate your understanding of individual tax return process. This assessment assesses your research skills, your ability to synthesise an original piece of work to specific content requirements and your ability to produce a comprehensible piece of advice addressing the client's needs. You are working as a tax accountant at a medium sized accounting firm, and a client requests that you examine and analyse various taxation scenarios. You also conduct a critical analysis of that business, with reference to relevant tax laws and literature. You will then provide their client with two pieces of work. The first Part A is a report and tax return forms, the second Part B a presentation to the client providing advice and recommendations you have prepared. PART A (22 marks) The taxpayer's assessable income, allowable deductions must be identified and recorded in the 2021 Individual Tax Return Form also 2021 Business and Professional Items Schedule Form where applicable. In addition, a report (Word document, approx. 1,500 words) must be submitted advising to the client the assessability of receipts and deductibility of payments with explanations (Sales, Dividend income, Trading Stock, PAYG withholding, PAYG instalment, Superannuation guarantee, Fringe Benefit Tax, dividend paid and motor vehicle purchase). Include section numbers and/or cases in your explanations. Client's information Cynthia Andreas, a resident taxpayer, runs a sole trading business selling imported food items. She also works on a casual basis as an import/export agent at Extreme Marlin Pty Ltd (ABN: 89 125 678 968). Name: Cynthia Andreas TFN: 300 001 000 Date of Birth: 15 July 1974 Address: 23 Market Street, Newtown NSW 2200 Contact: 0456 587 987 (Work: 02 9578 3648) Bank account: BSB 225887 Account 378458 Cynthia is not covered by a private hospital cover.