Calculate the deduction for the decline in value

Assignment Help Taxation

Reference no: EM132164684

Activity - Case Study

(Please note: for the purposes of consultation in this case study, your lecturer will undertake the role of your client, Kevin Nguyen).

Kevin Nguyen is employed by the law firm, PN Legal, as a para legal clerk. Kevin has met you in your office and provided a range of data and documents he collected during the year ended 30th June 2018, to enable you to complete his tax return. These are set out as 'A' to 'L' attached. You will need to consult with Kevin to seek clarity and confirmation on the information provided, during this process.

Undertake the following activities to prepare Kevin's tax documents:

1. Calculate the deduction for the decline in value and the closing balance of the low value pool for Kevin in respect of the year ended 30 June 2018 (see 'X below: Uniform Capital Allowances).

2. Show all workings and calculations in detail, in the Blue Assessment Booklet, (working papers) based on the information provided in the data (below) and consultations with Kevin. These must include calculations of amounts which must be in compliance with organisational and legislative requirements, for example, the Table for Capital Gains.

3. Calculate Kevin's tax payable or tax refundable.

4. Prepare an 'I' Income Tax return for the year ended 30 June 2018 to submit (lodge) with the Australian Taxation Office (ATO) prior to end of week 18 class Ensure that your documentation complies with Australian taxation law and Australian Tax Office (ATO) rulings, accounting principles and practice, and organisational policies and procedures.

5. Prepare an email to Kevin discussing and confirming his current tax obligation, based on the completion of his tax return. Organise a meeting with your client Kevin (your lecturer will play this role) and obtain his verification/endorsement and sign off/approval. See Observation checklist on page 10 for details.

6. Make a separate appointment with Kevin (your lecturer) and meet with him to discuss:

responding to a tax office enquiry with regards missing receipts and vouchers for this return
a possible appeal against the assessment
how a tax agent would conduct the process

During this meeting you are to demonstrate active listening and questioning techniques - refer to the Observation checklist on page 10 for further details.

7. Draft an email to the ATO to lodge Kevin's signed Income Tax return.

Textbook - Prepare Tax Documentation For Individuals, 15th Edition by Peter Baker, Geoff Cliff & Sonia Deaner.

Attachment:- Assignment File.rar

Reference no: EM132164684

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