57831 – Assessment DetailsQualification Code/Title FNS60217 Advanced

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Code/ FNS60217 Advanced Diploma of AccountingAssessment Type Assessment -02 (Project) Time allowedDue Date Location AHIC Term / YearUnit of CompetencyNational Code/ FNSACC601 Prepare and administer tax documentation for legal entitiesStudent DetailsStudent Name Student IDStudent Declaration: I declare that the work submitted is my own, and has not been copied or plagiarised from any person or source. Signature: ____________________________Date: _____/______/__________Assessor DetailsAssessor’s NameRESULTS ( Circle) SATISFACTORY NOT SATISFACTORYFeedback to student:……………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………..Student Declaration: I declare that I have been assessed in this unit, and I have been advised of my result. I am also aware of my appeal rights.Signature: _______________________________Date: ______/_______/___________Assessor Declaration: I declare that I have conducted a fair, valid, reliable and flexible assessment with this student, and I have provided appropriate feedback.Signature: ________________________________________Date: ______/_______/___________Instructions to the Candidates? This assessment is to be completed according to the instructions given below in this document.? Should you not the tasks correctly, you will be given feedback on the results and gaps in knowledge. You will be entitled to one (1) resubmit in showing your competence with this unit.? If you are not sure about any aspect of this assessment, ask for clarification from your assessor.? refer to the College re-submission and re-sit policy for more .? If you have and other concerns that may affect your performance in the Assessment, inform the assessor immediately.? To be deemed competent for this unit you must achieve a satisfactory result with tasks of this assessment along with a satisfactory result for the other assessment (Project)? There are three Parts in this assessment.? This is an Open book assessment which you will do in your own time but complete in the time designated by your assessor. Remember, that it must be your own work and if you use other sources then you must reference these appropriately.? Resources required completing the assessment tasks are Learner guide, PowerPoint presentation, Unit Assessment Pack (UAP), Access to other learning materials such as textbooks, Access to a computer, the Internet and word-processing system such as MS Word.? Submitted document must follow the given criteria. Font must be Times New Roman, Font size need to be 12 and line spacing has to be Single line.? This is Assessments. Once you have completed the assessment, upload the softcopy of the Assessment into AHIC Moodle.? Plagiarism is copying someone else’s work and submitting it as your own. Any Plagiarism will result in a mark of Zero.ASSESSMENT TASK 2: Project, Short Question and PresentationSubmission detailsThe Assessment Task is due on the date specified by your assessor. Any variations to this arrangement must be approved in writing by your assessor.Submit this document with any required evidence attached. See specifications below for details.PART ACase 1 – Preparation of P&L and Tax payable or refundable calculationYou have been approached by a business friend, Lucy Wong, to prepare a tax return for his company, a manufacturer of boxing gloves trading as Golden Gloves, for the year ended 30 June, 2018.RECEIPTS: $Receipts of cash from debtors $ 170,500.00Cash Sales $ 75,000.00Insurance recovery on damaged stock $ 10,200.00Sundry revenue $ 6,400.00Forfeited deposits (Jobs not continued by customers) $ 3,500.00Loan (to finance business expansion) $ 30,000.00Total Receipt: $ 295,600.00PAYMENTS:Drawings – Cash $ 15,000.00Repayments of loan (to finance business expansion) $ 30,000.00Repayment of loan – Principal $ 1,100.00Repayment of loan -Interest $ 1,900.00Employees’ Wages $ 36,842.00Purchase (cash and Credit) $ 20,000.00Factory Rental $ 34,500.00Superannuation contribution for employees $ 3,500.00Insurance $ 300.00Subscription to locals Trade Association $ 900.00Accountancy fees $ 300.00Electricity $ 1,100.00Motor Vehicle expenses (excluding decline in value) $ 3,600.00Donation to Royal Children Hospital $ 150.00Entertainment of clients at local restaurant $ 450.00Total Payment: $ 149,642.00Additional information:• All figures are net of GST where applicable.• Lucy withdraw $1,000 of trading stock for her own personal use during the year.• $4,500 income tax instalment was paid during the year.Decline in value at taxation rates:-Plant and equipment $6,800- Motor Vehicle $900Balances 1 July 2017 30 June 2018Debtors 13,900 16,300Creditors 11,800 $21,200Trading Stock (Cost) $29,000 27,400Required:(a) Prepare tax payable / (refundable). Show calculations in details (step by step). Assume tax rate is 30%.Case 2: Reconciliation of Net Profit/Loss to taxable income.Good Day Pty Ltd, a resident manufacturing company, present you will be following information for the year ended 30 June 2018.INCOME STATEMENTGross profit from trading $ 166,030.00Fully franked dividend received $ 10,800.00Profit on sale of furniture $ 500.00Net Dividends received from Vietnam $ 1,750.00Total Revenue $ 179,080.00Operating ExpensesAdministration expenses -$ 7,000.00R&D expenditure –wages -$ 40,000.00Depreciation on fixed assets -$ 15,000.00Interest expense -$ 800.00Annual leave expense -$ 4,000.00Doubtful debts expense -$ 1,500.00Total Expenses -$ 68,300.00Net Profit $ 110,780.00Additional Information:• The dividends from Vietnam had $250 tax withheld;• The company’s annual aggregate turnover is less than $20 million;• An amount of $2,300 was off as bad debts during the period;• Annual leave expense $4,000 resulted from an increase in the provision account;• Annual leave actually paid during the period amounted to $2,000;• Decline in value expenses for tax purposes for the year was $16,000;• Profit on sale of furniture for tax purposes was $900;• Administration expenses included capital expenditure of $1,250;• PAYG tax instalments paid were $25,000;• The company wishes to claim a R&D tax offset.Required:(i) Calculate taxable income / (loss) and carry forward the losses if applicable(ii) Calculate tax payable / (refundable)Case 3: Prepare an Individual Tax ReturnMr. Chris Edward is a Chef working for ABC Television since last 9 years. Chris is seeking your hep to complete his 201X income tax return and provided you the following information:• Employer ABN: 9877 654 3211• D.O.B: 13/05/1989• TFN: 123 456 789• Address: 13 Marion ST, Coogee, NSW 2215• Contact number: 042 345 6789• Bank AC: BSB: 123456 AC: 987654321• Salary: $13,000• Allowance: $500• Tax WH: $1,250• Reportable fringe benefit: $870He confirmed that he uses his mobile 100% for work which is $60 P/M. He paid $330 to do his prior year tax return. He also confirmed that he has all the necessary receipt to support his claim.Required:Prepare the individual tax return for Chris for 201X FY and obtain his signature for lodgement.The Tax Form can be downloaded from your module and submit with your assessment or handover the hard copy to your teacher.NOTE: (At the top of the tax form write your full name and student ID for marking purpose. Answer will not be marked is you fail to provide your details.)PART BPresentationYou are required to select any one topic between case 1 and 2 above and present to the class. For this presentation, you are required to prepare:• Slides / answer sheets;• Take answers from fellow students and speak with confidence;• Dress appropriately.PART CShort Question 1You are a Public Accountant operating in Sydney CBD. You have been approached by ABC Pty Ltd (ABC) a local coffee shop. ABC is a established business and seeking your advice on meeting their tax obligations. They have given you the following information in relation to their business:• They started their operation on 01 July 2017;• Annual turnover for year ended 30 June 2018 is $350,000;• They are registered for GST but has not lodged any related report. You have made a quick enquiry and found their report obligation is on quarterly basis;• They have 3 fulltime employees and 2 casual employees. ABC is paying their employees weekly wages but did not withheld any tax;• They have an external bookkeeper who is managing their accounts in MYOB.Required:Prepare a letter to ABC outlining the job needs to be performed in accordance with ITAA and GST legislation.Short Question 2Among the Small Medium Entity (SME), the most common types of entities are Sole Traders, Partnerships, Trusts and Companies. All these have unique characters and works differently than each other. Why it is imperative that entrepreneurs choose the right entity structure? Provide your opinion with examples.

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