Prepare a statement of advice for your firms client

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Reference no: EM133770453

Taxation Law

Assessment - Statement of Advice

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 2,000 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:

Technical component 23% - This includes the technical discussion in your SoA, the explanation of each issue, and the sources used. You must analyse the information provided and recommend the correct accounting treatment. You must justify your recommendations by referencing specific paragraphs of relevant accounting standards. You must explain the rationale behind each accounting standard requirement.

Communication Skills (Writing Skills) component 7% - marks will be awarded based on your ability to gather information and effectively communicate strategies to the client as part of the SoA. It will also cover the generic skill of writing, clear meaning, structure and organisation, appropriate tone and grammar, spelling, punctuation and in-text referencing etc., throughout the whole assignment.

Assessment Instructions
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).

You must prepare a Statement of Advice (SoA) for your firm's client(s) to address several accounting issues raised. Your client's accounting issues will be made available.
You must include the following in your Statement of Advice (SoA):
Cover Page should include:
Name/logo of your accounting and consulting firm
The words "Statement of Advice"
Who the document is prepared by
Who the document is prepared for
Date
Brief information on what the document is about
Recommendations and explanations for each case item
You also must include in-text referencing. In-text referencing refers to ITAA section numbers or cases. You must identify and refer to specific section numbers of the relevant taxation law and cases in your advice.

Reference list: Any sources that you use need to be acknowledged in order to avoid plagiarism.

Assessment 3 Case Study Data Background

Shine Pty Limited (Shine) is an Australian resident company that was incorporated in 2015. After purchasing several investments including real estate and shares, in 2020 Shine commenced business as a computer equipment wholesaler with both Australian and overseas clients.
Julia Tan, the Managing Director of Shine, has terminated Sahid Tram, the company's accountant, as she is concerned that there are several errors in the returns prepared. Julia has provided the following information produced by Sahid:
Preparation of 2023 Income Tax Return Information & notes
Preparation of 2023 Franking account & notes
Preparation of 2023 June Business Activity Statement (BAS) & notes
Preparation of 2023 Fringe Benefits Tax Return & notes

Requirements
Julia has requested that you prepare a statement of advice including:
Any necessary corrections to preparations of Sahid's Income Tax Return that impacts taxable income, income tax liability. Each correction should be supported by a brief explanation and correct referencing from legislation, along with any workings and calculations. Please use a reconciliation format - this reconciliation should start with Sahid's taxable income and incorporates any necessary adjustments for deductions and income to arrive at the final taxable income figure. In addition, calculate net tax payable/refundable.

Prepare a franking account and advise the consequences of franking deficit tax.
Any necessary corrections to Sahid's preparations of Fringe Benefits Tax Calculations 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 Sahid's preparations of 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.

Preparation for Income Tax return provided by Sahid.

Reference no: EM133770453

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