Assessment 1 -
For this assessment, students are to review the information included in Appendices to undertake the following:
Students must identify the requirements for tax for JJ Holmes lnc - both state and federal, including determining and stating:
- What taxes are required based on the information provided?
- What taxation periods are necessary / recommended?
Students should create and submit a report stating the above as well as detailing a speeific lodgement schedule for JJ Holmes lnc.
Once the schedule is created students are to analyse the data to determine what components are relevant to tax requirements. Once this is done, students should calculate the amount of tax owing based on their assessment of the company and the data provided. Students must ensure:
Data is processed in accordance with recognised taxation formats
Calculate exactly what returns and lodgenrents are required to be prepaid in accordance with the ATO and add this information to your lodgement schedule
Taxes should include:
- GST
- Payroll Tax
- Land Tax
- Fringe Benefit Tax
- Any other relevant amounts owing
End of year tax return should also be completed. Students should determine assessable and non assessable items as well as determine any deductions relevant for the business.
This assignment should be submitted for assessment in the form of the relevant lodgements and returns for assessment as well as the lodgement schedule & any other relevant information.
Assessment 2 -
For this assessment, students are to prepare a tax return for the year ending 30 June 2O14 for an organization of your choice. (lnformation can be gathered online by researching the websites).
Students must:
- Collect data as indicated and determine relevance
- Liaison with instructors who will role play the part of relevant stake holders to determine requirements for tax return lodgments & determine deadlines
- Complete a tax return for period ending 30 June 2014
- Submit the lodgments to your instructor for authorization within deadlines
- Students should undertake a review of the taxation preparation procedures of the organization XXX in consultation with their instructor to determine the strengths and weaknesses of the preparation and make relevant recommendations
Instructors on assessment will provide students with feedback and role-play the part of the ATO to make appropriate enquiries to the student. The student must meet these enquiries and requirements. Students must utilise appropriate spreadsheet / organisational accounting software in undertaking this task.