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Using an Excel Spreadsheet, prepare a set of work papers. Include discussion about whether each item is assessable income or gives rise to an allowable deduction. Show all workings, explain why you have treated items as you have and provide appropriate authority for your decisions by referencing sections of the legislation, case law and/or income tax rulings. Your work papers should explain and support your treatment of items of income and expenses incurred. They need to be complete so that they can be relied upon in the event of an audit in the future.
The spreadsheet should be indexed with a separate tab for each category you deem appropriate. Some suggested tab names include: Work Related Income Dividends Other Income Capital Gains Rental Property (Excluding depreciation* see below) Work Deductions Other Deductions Offsets & Levies (which have you considered, explain why they are or are not applicable) Tax Payable (reconcile to Tax Return calculation)
Try to organise your work papers so that amounts are directly transferrable to items on the Income Tax Return. Use Excel functions to perform calculations.
*Depreciation calculations can be done using Xero. You do not need to calculate the decline in value in Excel.
2. Using Xero Taxation, prepare the income tax return, including any relevant schedules, for the year ended 30 June 2016. Use your own name and the Dummy TFN that you have been assigned.
ACCT13-308 & ACCT71-308 Taxation Practice for Accountants Semester 162
3. Write a letter of advice to your client explaining their tax situation and the important aspects of the items that are included on their tax return and those that have been disregarded.