Bronte Carr Income Taxation Law and Practice Case Study - Accounting Assignment Help

Assignment Task

For this assessment you will 4 tasks to complete. Please ensure you follow each instruction carefully on what you need to do and the submission requirements for each task.
1. Completion of working papers for the Income tax return using the excel template provided in the assessment tasks and submission section of the unit’s MySCU site. Your completed excel document will then be submitted via a Turnitin submission link provided.
2. Use Handitax software to prepare the 2020/2021 tax return. Submit the completed tax return in PDF format that includes the completed tax return and all accompanying schedules and estimates using the submission link provided in the assessment tasks and submission section of the unit’s MySCU site.
3. Complete online test located in the assessment tasks and submission tab of the unit’s MySCU site under the assessment 2 content folder – 10 questions with a one hour time limit that is based on the case study facts and completed tax return for the business.
4. Prepare a video, maximum 3 minutes to your client that uses software/program/app (it is strongly recommended that you use Microsoft Power point for this presentation) with slides and ‘talking head’ (this is a video of yourself talking during a slide presentation) whereby you present a letter to the client that addresses the clients overall tax position and recommendations to improve their tax position in the future. Your video needs to be readable by Blackboard and your markers. An MP4 file is recommended here.

Business case study information
You have been asked to prepare the 2020/2021 individual tax return for Bronte Carr. Bronte is the sole managing director of the business Mindfulness Pty Ltd that operates 20 retail outlets located throughout Victoria selling scented candles and oil diffusers. The company’s shareholders are Bronte and her husband Will. Bronte and Will both have equal shareholding in the business. Will does not work in the company and is employed by another business full time as a CEO of an IT business. His annual salary for the 2020/2021 financial year was $750,000. The couple have two school aged children Milly and Angus. Date of birth for Bronte is 29th March 1985 and Will’s date of birth is 16th April 1980. Bronte has health insurance for the family and this policy was taken out with BUPA on 1 October 2020. The premium paid for up until the end of the year totalled $1,450 after a rebate of $120 was claimed. The policy number is BUP862599 and BUPA have notified Bronte that the benefit code is 30. Employment related information Bronte is paid a salary by Mindfulness Pty Ltd. The payment summary for 2020-2021 issued by the company for Bronte contained the following details;

• Mindfulness Pty Ltd – ABN 98 111 122 223
• Name: Bronte Carr
• Gross payments: $110,000
• Tax Withheld $ 26,500
• Bronte completed her University education 4 years ago and has an outstanding HELP debt of $3,000 as at 30 June 2021

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