FIN320: Tax and Estate Planning - Accounting and Finance - Report Writing Assignment Help

Internal Code: 1ABCFJ

Accounting and Finance Report Writing Assignment Help

Scenario: Herbert and Dorothy Evans are clients of your firm. They are aged 28 and 26, respectively. They have been married for 7 years and rent a property to live for $500 per week in at Bli Bli. Herbert and Dorothy do not have children. They have come to see you to get some financial planning advice. They want to know whether they have structured their affairs in the most effective manner, and whether there is anything they could (or should) be doing differently. They both have superannuation funds, but haven’t really paid much attention to them in the past. Herbert operates as a sole trader, running a “Test and Tag” franchise on the Sunshine Coast. Dorothy undertakes all of the secretarial and accounting duties of Herbert’s business, as well as running her own business as a sales representative for “Endless Life” Supplements. Herbert and Dorothy have held private health insurance with HCF for 6 years. They are currently in good health. Their financial details are as follows:- Assets: These shares were inherited by Dorothy 8 years ago. The dividends Dorothy receives are fully franked. Liabilities #Dorothy’s minimum payment is $25 per month, although she can pay more than this if she wishes. ^Herbert & Dorothy pay interest only on this loan. Income Your tasks

1. Calculate the net tax payable for Herbert and Dorothy for the 2018/19 financial year. Show all workings.Include Medicare, Medicare Surcharge (if applicable) and any offsets or rebates that may apply.
2. Provide advice to Herbert and Dorothy about merging both of their businesses into a partnership. Show how you have compared the option of merging versus not merging. Show all workings/calculations. Justify your advice.
3. Advise Herbert and Dorothy as to whether they could possibly arrange their financial affairs more efficiently; and whether there are other strategies they could be considering to enhance their short term and/or long term position. (Areas to consider include – superannuation, Estate Planning, Insurance, debt reduction) No calculations are necessary, however you will need to provide details of the potential strategy/ies you are recommending they consider. Justify your recommendations.

Notes: - Any assumption you make need to be stated. - Your word limit is 2000 words (excluding calculations, appendices, headers, footers and bibliography). - Marks will be deducted if you exceed your word limit.

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