Case Study Helga Hemp - Accounting and Finance Assignment Help

Assignment Task:

Task:

REQUIRED:

1.Using the EXCEL template provided, prepare a set of work papers to enable you to complete the online quiz for this assessment – separate sheets within you EXCEL document as indicated. Include detailed explanations 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. NOTE: In professional practice your work papers need to be complete so that they can be reviewed by your supervisor and relied upon in the event of any future audit. They should also be reconciled and cross-referenced to reporting labels on the income tax return.

2.The TEMPLATE of workpapers includes separate sheets for: a. Salary & Wages Income b. Other Income (e.g., interest and dividends) c. Capital Gains d. Deductions e. Rental Property f. Tax calculation g. Letter of advice

3.Tax Payable, Offsets, & Levies: Include all levies and offsets considered (Medicare, Medicare surcharge, franking credits, tax paid, low income rebate, private health rebate) and be able to explain why they are or are not applicable and reconciled to the tax return calculation.

4.Organise and use your work papers so that amounts are directly transferrable to items on the Income Tax Return. This will assist you in Handitax.

5.Depreciation calculations can be done using Handitax with the total transferred to the rental property sheet and the schedule of your Income Tax Return.

6.Use Handitax to prepare the income tax return, including any relevant schedules, for the year ended 30 June 2020. Use your client’s name, and the Dummy TFN from the client set up sheet. All other details are to come from the assignment instructions.

7.Write and video a professional letter of advice to your client summarising their tax situation and explaining the important aspects of the items that are included in their tax return and those that have been disregarded. You should include advice to the client about potential improvements to their record keeping and other information that is relevant for future tax planning. It is recommended that you seek help from Student Learning Support to ensure that you have used professional language and your letter is error free. Your letter should be about 3 minutes which is about 2 pages long – comprehensive but concise. If it is too long your client won’t bother watching or reading it (and it will NOT be marked). Your language should be clear and audible and pitched at a level your client will understand. It should not be too technical; your client is unlikely to be interested in which sections of the legislation form the basis of your decisions. Do you need to provide your client with any instructions?

EMPLOYMENT: Your client Helga Hemp is the sole director of Sunshine Futures Pty Ltd. The business employs five staff members, including your client who holds the position of managing director. Sunshine Futures analyses financial information and provides investment advice to registered clients. The payment summary from Sunshine Futures Pty Ltd shows the following: ? ABN 84 111 122 223 ? Gross Payments $130,000 ? Tax Withheld $38,200 Sunshine Futures also paid $95 a month for your client’s mobile phone account and additional superannuation contributions of $7,800 under a salary sacrifice arrangement. This amount is in addition to superannuation guarantee requirements. The phone payments related to a fixed monthly contract in the employee’s name and payments were made directly to the phone company by the employer. Your client owns an BMW X5. They purchased the car on 1 July 2019 for $99,000. The car travelled 36,500 kms during the year and your client has indicated that about 80% is work related but they have not kept a log book. Your client pays for all the running costs for the vehicle. During the year these costs included:

uel & oil $4,950

Servicing $1,800

Registration $ 960

Insurance $1,900

Tyres $2,400

Excess on insurance claim.

The insurance company paid for the balance of the cost of repairs.

$1,750 Car washing $600

VIDENDS & INVESTMENTS: Sunshine Futures Pty Ltd is a large company with two (2) shareholders, your client and their spouse. Your client owns 40% of the issued shares in the company. The shareholders were paid a lump sum of $150,000 in April. They described this payment as a fully franked dividend. The proceeds were used to reduce the line of credit that was taken out to purchase the home in which they live. Interest paid on the home loan for the year was $24,000. The client also has a portfolio of shares that were inherited from their father. The father passed away on July 15, 2019. On finalisation of the estate the following shares were transferred to your client and the client received notification that all the shares had been transferred on 1 December 2019

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