Assessment Details
Qualification Code/Title
Assessment Type Assessment -01 Project Time allowed
Due Date Location AHIC Term / Year
Unit of Competency
National Code/Title FNSACC502 Prepare tax documentation for individuals
Student Details
Student Name Student ID
Student Declaration: I declare that the work submitted is my own, and has not been copied or plagiarised from any person or source. Signature: ____________________________
Date: _____/______/__________
Assessor Details
Assessor’s Name
RESULTS (Please Circle) SATISFACTORY NOT SATISFACTORY
Feedback to student:
............................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
Student Declaration: I declare that I have been assessed in this unit, and I have been advised of my result. I am also aware of my appeal rights.
Signature: _______________________________
Date: ______/_______/___________
Assessor Declaration: I declare that I have conducted a fair, valid, reliable and flexible assessment with this student, and I have provided appropriate feedback.
Signature: ________________________________________
Date: ______/_______/___________
Instructions to the Candidates
? This assessment is to be completed in class supervised by assessor.
? Should you not answer the questions correctly, you will be given feedback on the results and your gaps in knowledge. You will be given another opportunity to demonstrate your knowledge and skills to be deemed competent for this unit of competency.
? If you are not sure about any aspect of this assessment, please ask for clarification from your assessor.
? Please refer to the College re-submission and re-sit policy for more information.
? If you have questions and other concerns that may affect your performance in the examination please inform the assessor immediately.
Question 1:
Rafael, a single resident taxpayer aged 24, completed six months of employment in Turkey on an approved overseas aid project. He derived gross wages of AUD$35,000 from which AUD$5,000 of Turkish tax was withheld.
Rafael also derived a gross salary of $34,000 from his regular employment in Australia. PAYG tax of $5,400 was withheld.
Required:
For the year ended 30 June 2017, calculate the following:
a. Rafael’s taxable income.
b. Rafael’s net tax payable or refundable.
Question 2:
Mee Kong, a Malaysian citizen, has been in Australia for 10 months on a working holiday visa during the current income year. During that time, she has been employed as a medical research scientist and has lived in a rented apartment in Melbourne.
Required:
a. Determine whether Mee Kong is a resident of Australia for tax purposes.
Question 3:
A client of many years provides this information for you to complete his current tax return.
Income Employer: Reliance Imports
Gross salary $ 87,500
Allowances Allowance for company logo clothing $1,250
Interest from term deposit A/C #123456 $400
Tax withheld $20,325
Allowable work deductions $7,450 (receipts and log book supplied)
Union fees $450
Dry cleaning of work clothing $150
Non-working spouse and no children Private health membership was cancelled on July 1st of the income year Use the table and the information provided for 2016-17 to calculate the taxpayer’s taxable income and the liability for income tax. Provide reasons for your treatment.
Taxable income Tax on this income
0 - $18,200 Nil
$18,201 - $37,000 19c for each $1 over $18,200
$37,001 - $87,000 $3,572 plus 32.5c for each $1 over $37,000
$80,001 - $180,000 $19,822 plus 37c for each $1 over $87,000
$180,000 and over $54,232 plus 45c for each $1 over $180,000
These rates do not include the Medicare levy of 2%, or the Medicare Levy Surcharge which is calculated at the rate of 1% of taxable income.
Required:
a. Complete the calculation for each tax bracket and round all calculations to the nearest dollar. Do not use the ATO website withholding calculator as that might provide a slightly different figure.
Question 4.
Ryan Small aged 30 and single, provided the following details for the year ended 30 June, 2017. Ryan derives income from his employment as a bus driver and some investments. Ryan has no private health insurance.
Receipts
Legacy from his uncle's estate $ 3,000
Fully franked dividend from F/S Ltd-amount received 3,300
70% franked dividend from Fl Ltd-amount received 2,900
Unfranked dividend from Back Ltd 1,750
Gross wages (PAYG tax withheld $20,500) 78,800
Bank interest (net of $97 TFN tax withheld) 103
Honorarium for duties as president of the swim club 350
Insurance lump sum compensation (for damage to back sustained in car accident) 12,000
Army Reserve payments for part time services 1,200
Expenses (All fully substantiated)
Purchase of compulsory uniform 480
Laundry of uniform (estimate) 75
Parking fees (Ryan drives his car to the bus depot) 440
Sunglasses used for driving 150
Investment journals 230
Ryan has a HELP liability of $6,600. The repayment rate is 8%.
During the year Ryan received an Australian Government Disaster Recovery Payment.
Required:
a. Calculate Ryan's taxable income and tax payable for the year ended 30 June 2017.
Question 5.
Brian sometimes uses his car for work purposes. He provided the following information in respect of the year:
Items Amount ($)
Car cost 37250
Fuel 3120
Insurance 563
Repairs 742
parking fees 80
Registration 543
Speeding fine 120
Road tolls 167
Car wash 90
Brian kept a logbook for the entire year and it showed the following:
Trips Km
Trips between work and home 4917 km
Trips between places of work 5270 km
Private trips 5243 km
Brian's car has a 2.2 litre engine and he prefers to depreciate it at 15% straight line. It was purchased on 1 July.
a) Calculate Brian's motor vehicle deduction using each possible method.
b) Which method should Brian use to minimise his tax?
Question 6.
Mr. Jill is an accounting student and owner of a small coffee – shop, which he purchased this year. He usually comes to you for tax return once in a year. He tried to do his quarterly GST this year (2015) and make a small mistake on the GST report form. As given below:
i. At the total sales (G1) he wrote $ 10100.00
ii. At the total Non-capital purchase option (G11) purchase options he wrote $ 9900.00 and
iii. He calculated his GST accordingly and report the GST without omitting the decimal point (00.00).
With investigating the GST report The Auditor send him a letter informing he reported his total income $1010000 and Total Non-capital purchase of $ 990000 and requested him to provide the necessary documents about this GST reporting. Now, Jill came to you for advice as he believe that he did the right calculations. Now what would be your suggestion regarding:
a. What was the mistake that Jill made for reporting his GST?
b. Calculate the GST for Gill.
c. Properly Fill up the GST form for him.
d. What documents do Jill have to provide to ATO Auditor?
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