Reference no: EM132370007
Tax Law and Practice Assignment - Tax Return Project
Introduction: This assessment requires you to complete and print off (but not lodge) an income tax return for the year ended 30 June 2019 based on information provided for a fictional taxpayer. This will be completed using the tax return preparation software, Tax Assistant. The main focus of this exercise is practical - therefore, all of the information provided will be relevant to the preparation of the return and there is no superfluous information. However, with respect to certain items additional research will be required regarding how an item of income should be included or how a deduction might be claimed. In addition, you are required to provide a brief short response reflecting on the process of preparing the tax return.
Required:
1. Prepare the income tax return for Justin Kronk for the year ended 30 June 2019, including all relevant supporting schedules.
2. Briefly discuss the process you undertook in preparing the tax return, including how you researched any issues you were unsure of and the sources of additional information that you found useful in the preparation of the tax return (300 words).
Scenario: You are a graduate accountant working in a tax accounting practice on the south side of Brisbane. A new client, Justin Kronk, has made an appointment with your firm to complete his tax return for the year ended 30 June 2019. Immediately prior to the appointment, you are provided with a new client detail form Justin has completed that includes the following information (see in attached file), which the receptionist has added to your database.
Supporting Documents & Other Information: You meet Justin and engage in some initial conversation. Justin mentions that he is a Senior Architect in the Highrise Constructions Division at Utopia Constructions, that he does not currently have a spouse or any dependents. After your initial chat Justin produces a folder with a number of supporting documents to complete his tax return. A summary of these documents, and the information they contain are attached.
Note - In this assessment requires you to complete and print off an income tax return for the year ended 30 June 2019 based on information provided for a fictional taxpayer.
Attachment:- Tax Law and Practice Assignment File.rar