Reference no: EM133075894

ACCT6005 Taxation Law and Practice - Southern Cross University

Assessment - Income Tax Return

In this assignment, you will be provided with a case study for a client (below) and you will prepare an income tax return for the client.

1. Completion of working papers for the Income tax return using the excel template provided in the assessment tasks and submission section of the unit's MySCU site. Your completed excel document will then be submitted via a Turnitin submission link provided.

2. Use Handitax software to prepare the 2020/2021 tax return. Submit the completed tax return in PDF format that includes the completed tax return and all accompanying schedules and estimates using the submission link provided in the assessment tasks and submission section of the unit's MySCU site.

3. Complete online test located in the assessment tasks and submission tab of the unit's MySCU site under the assessment 2 content folder - 10 questions with a one hour time limit that is based on the case study facts and completed tax return for the business.

4. Prepare a video, maximum 3 minutes to your client that uses software/program/app (it is strongly recommended that you use Microsoft Power point for this presentation) with slides and ‘talking head' (this is a video of yourself talking during a slide presentation) whereby you present a letter to the client that addresses the clients overall tax position and recommendations to improve their tax position in the future. Your video needs to be readable by Blackboard and your markers. An MP4 file is recommended here.

To be accepted as a valid assessment submission, your video must include (1) identification and (2) slides and a video of you presenting (this only needs to be shoulders and up).

For identification, the first 10 seconds of your video should show your face and your student ID card, driver's license or passport up to the screen. The name and photo on the ID must be clear and it must be obvious that you are holding this card. After this, you can start your presentation.

Business case study information
You have been asked to prepare the 2020/2021 individual tax return for Bronte Carr. Bronte is the sole managing director of the business Mindfulness Pty Ltd that operates 20 retail outlets located throughout Victoria selling scented candles and oil diffusers. The company's shareholders are Bronte and her husband Will. Bronte and Will both have equal shareholding in the business.
Will does not work in the company and is employed by another business full time as a CEO of an IT business. His annual salary for the 2020/2021 financial year was $750,000. The couple have two school aged children Milly and Angus.

Additional guidelines

1. Excel template

• Using the excel template provided, prepare a set of work papers to enable you to complete the online quiz and tax return for this assessment. You have been provided with separate sheets within the excel document to complete.
• Each item of the case study needs to be addressed and include detailed explanations about its tax treatment and providing appropriate authority for your decisions by referencing sections of the legislation, case law and/or income tax rulings
• Organise and use your work papers so that your amounts are directly transferable to items on the income tax return. This will assist you in Handitax.
• Tax payable, offsets and levies: Include all levies and offsets considered (Medicare, Medicare levy surcharge, franking credits, tax paid, low income rebate, private health rebate) and be able to explain why they are or are not applicable and reconciled to the tax return calculation. You can use Handitax to complete your calculations for these.

2. Handitax income tax return

• Use Handitax to prepare the income tax return, including all relevant schedules for the year ended 30 June 2021. You have been provided with a separate sheet located under the ‘assessment tasks and submission' tab on the unit blackboard site titled Client set up sheet. In this document you will find details about your client that will need to be used in the Handitax software. All other relevant client details are found in the case study information.
• When completing your tax return in Handitax, ensure that you complete all relevant schedules including depreciation, rental property schedules as well as any other applicable schedules. Failure to include these schedules in your submission will result in marks being deducted.
• Print your final tax return including all schedules to a PDF document ready for submission. You must print to PDF the full tax return including all schedules.

3. Online quiz

• After completing your tax return you should now attempt the online quiz, using information you have prepared in your excel work papers and the tax return.

4. Short video

• Write and produce a video letter to your client summarising their tax situation and explaining the important aspects of the items that are included in their tax return as well as some recommendations or improvements your client can make to their record keeping and overall future tax planning.
• This video is not to exceed 3 minutes in length. Your video will only be marked up to the 3 minute point.
• The letter should not be too technical and needs to be understood by your client and communicated to them. Your client will not be interested in you recalling sections of the legislation. This should be for your own purposes in your working papers.
• At the beginning of the video you will show your identification by showing your face and student ID card, passport or driver's license for the first 10 seconds of your video up to the screen. Your name and photo on your ID must be clear and it must be obvious that you are holding this card. After this, you can start your presentation.
• Professional looking attire is recommended as you are in a work place setting presenting to a client.

Attachment:- Taxation Law and Practice.rar