a) Identify and analyse the tax treatment of various types of income and deductions.November 18, 2020
Jill is employed full-time as an accountant at a top tier accounting firm. In the 2018/19 year of income, she receives a salary of $100,000 from working at the accounting firm.November 18, 2020
This assessment assesses your research skills, your ability to synthesise an original piece of work to specific content requirements and your ability to produce a comprehensible piece of advice which addressing the client’s needs.
It also assesses your written communication skills. The ability to deliver to a brief is an essential skill in the workplace. Clients may well approach advisors seeking a combination of specific information needs and advice on the tax implications of a particular arrangement in the Australian tax jurisdiction. It is therefore important to be able to identify all the issues presented by an arrangement and to think about the potential consequences of different approaches to addressing the client’s needs.
- Your case study needs to identify and discuss the tax implications of the various issues raised.
- In the case study, the taxpayer’s assessable income, allowable deductions must be identified and recorded in the excel sheets (2019 individual tax return form) where applicable (only blue coloured cells in the excel sheet are required to fill) as per the information provided in the case study.
- In addition, a report (word document, approx. 2,000 words) must be submitted for the calculations of the assessable income; allowable deductions and taxable income of the taxpayer including identifying and discussing them. E.g., how the amounts of income & deductions have been derived. If any receipts and payments are not assessable or deductible, the reasoning for non-inclusion of these in assessable income or deductions as per relevant legislation or cases.
- Critically analyse the following case study. With respect to each task:
- Review relevant case law and legislation (ITAA1936, ITAA1997)
- Apply the law to the facts of the case study
- Reach a conclusion/ give practical advice to your client.
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