Advice regarding tax issues

Reference no: EM133631459 , Length: word count:2000

Taxation Law

Your Task
You must prepare a Statement of Advice (SoA) that addresses all the questions raised in a letter.

Assessment Description
Assume that you are a team of graduate tax accountants working for a registered tax firm. Your firm provides its clients with advice regarding tax issues, including applying the relevant cases and/or legislation in preparing tax returns. You must prepare a Statement of Advice (SoA) for your client(s).
The maximum length for the SoA is 1,500 words (+/- 10%) You should address all the technical issues in your advice, followed by a Reference List. Marks will be awarded based on two components:

Additional Requirements
You must include the following in your Statement of Advice (SoA):
Cover Page should include:
Name of your tax firm
The words "Statement of Advice"
Who the document is prepared by
Date
Table of Contents
Recommendations and explanations - include in-text referencing
Conclusion
Reference list

Case Study Data Background
Amity Holdings Pty Limited (Amity) is an Australian resident company that was incorporated during 2022. After purchasing several investments including real estate and shares, in 2023 Amity commenced business as a golf equipment wholesaler with both Australian and overseas clients.

Katy Mahon, the Managing Director of Amity, has terminated Kurt Aild, the company's accountant, as she is concerned that there are several errors in the returns prepared. Katy has provided the following information produced by Kurt:

2023 Income Tax Return

Additional notes accompanying the income tax return including franking account

June 2023 Business Activity Statement (BAS)

Additional notes accompanying the BAS

2023 Fringe Benefits Tax Return

Notes and workings accompanying the FBT return

Requirements
Katy has requested that you prepare a statement of advice including:

Any necessary corrections to Amity's Income Tax Return that impacts taxable income, income tax liability or the franking account. Each correction should be supported by a brief explanation and correct referencing from legislation, along with any workings and calculations.

Any necessary corrections to Amity's Fringe Benefits Tax Return that impacts the taxable value of benefits and fringe benefits tax liability. Each correction should be supported by a brief explanation and correct referencing from legislation, along with any workings and calculations.

Any necessary corrections to Amity's Business Activity Statement that impacts GST on sales, GST on purchases and net GST payable. Each correction should be supported by a brief explanation and correct referencing from legislation, along with any workings and calculations.

Attachment:- Taxation Law.rar

Reference no: EM133631459

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