FNS60217 - Implement Tax Plans And Evaluate Tax Obligations - Sean Case Study - Accounting Assignment Help

Assignment Task

Part A – Written Responses

1. The monthly actual sales extracted from financial information of a company are: $1,000 for August, $1,095 for September, and $1,210 for October. The rents will be reviewed by the owner of the premises every July, and not subject to the change until the next review. Assume that all the income shown below has been received, and all the expenses have been paid in cash during the month. The company tax rate is 30%. Use Percentage of sales method to forecast the income and expenditures for November as below. (Showing all your working and explanation)

2. You are a registered tax agent, and have prepared a tax return for your client. Can you lodge the tax return directly to ATO after the completion? (3 marks)

3. APC Pty Ltd purchased a car on 1 April 2018 for $32,000 (including GST) and during the next 12 months it incurred the following costs:

The above costs include GST where applicable. A logbook showed that business use of the vehicle was 30%.

Assuming that it is not registered for GST, how much fringe benefits tax would APC Pty Ltd have to pay in respect of the FBT year ended 31 March 2019? You must show your calculation step by step and provide reasons for your treatment.

Part B – Case Study/Practical 
Sean is a resident who has always lived in Australia.  
He is currently working full time for a large global company and earning $95,000  (in 2018-19 income year), which is expected to increase annually by 4%. His  employer pays the superannuation guarantee to his nominated complying super  fund. Sean incurred $4,000 expenses related to his work, and such expenses are  expected to increase annually by 2%. 
He may be transferred by his employer to the Branch in China for one year (in  2019-20 income year), and will return to Australia to resume work here after the  expiry of the contract. 
He purchased a property two years ago and immediately used it as his main  residence until now. During his absence, Sean is planning to rent out his  property. He did some research and found the average rental income from the  properties in the suburb he currently lives is $345 per week. He also provide the  following actual expenses related to the purchase and ownership of the property: ← Property purchase price: $400,000 
Strata levy: $1,970 per quarter 
Council rate: $394 per quarter 
Water rate: $217 per quarter 
The cost of obtaining finance: $2,000 
Annual interest on loan: $15,764 
He will seek the real estate agent to manage the property during his absence.  The additional expenses may be incurred: 
Advertising fees: $985 
Property management fees: $148 per month 
Sean is planning to replace a fibro wall inside his rental property, which was  damaged by a flood, with a brick feature wall. Based on the current price  research, it may cost Sean about $7,882. 
All the rental income and expenses above are expected to increase annually by  2%. 
Sean bought 10,000 shares from a listed company with a cost of $0.50 per share.  The current market price of the shares held by Sean is $2 per share. The trend of  the share price remains stable in these weeks. He thinks it is the time to sell all  these shares at the current price.  
Sean is also planning to operate a business for exports of goods and services  from Australia. The expected turnover is $60,000, and the net profit is estimated  to be $30,000. 
Sean does not have an appropriate private health fund with hospital cover.

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