Posted: June 3rd, 2015

tax return

tax return

there are two parts forthe assignment:

part A- complete an income tax return forthis part to be completed, you will have to include:

1. Taxable income

Assessable income

e.g Note 1. Sales $75,000

Less Allowable deductions

e.g Note 2. Electricity bill $5,000

2.explanatory notes

e.g Note 1. Sales

Note 2. Electricity bill

(Please provide sections and cases in your
explanation)

3.Decline in value (tax term for depreciaion, you will need to caculate how much assets we can get deduction fort he yean

4.income tax return

Part B-Calculate any fringe benefits tax liability

ljust need to complete these transactions:

Entertainment

Allowance

Superannuation Expense

Subscription to Vogue Magazine

Loan repayment

Fixed asset acquisition

Cash purchase -trading

stock

Payment to creditors

essential texts:

Core Tax Legislation and Study Guide, Barkoczy,2013, 16th edition
Foundations ofTax,

Barkoczy, 2013, 5th edition