FNSACC512 - Prepare Tax Documentation For Indivisuals - Questions and Answers - Assessment Answer

Assessment Task:

Answer the following questions in writing.

1. Identify two key sources of information and data required to calculate taxable income
2. Identify two key features of organisational policies and procedures relevant to the preparation of tax documentation for individual taxpayers. Briefly explain how each applies in the preparation of tax documentation for clients.
3.Outline two key accounting principles and practices which need to be applied when preparing tax documentation for individual taxpayers.
4. Identify and briefly describe the legal requirement relevant to conflict of interest for tax practitioners.
5. Briefly define how a tax practitioner must prepare and lodge returns to the ATO, according to APES 220 Taxation Services.
6.List two responsibilities of tax agents under the Code of Professional Conduct.   
7. Identify two requirements that tax agents must meet under the Tax Agent Services Regulations (TASR). 
8. Briefly explain the legal environment the principles of Australian tax law operate in.
9. Briefly explain the basics of the Australian legal taxation system. (Focus your discussion on the Australian legal taxation system and how it relates to income tax for individuals.)
10. Briefly explain the constitutional considerations relevant to Australian income tax law. (Include in your discussion constitutional power.) 
11. Briefly explain the separation of power and its relevance to Australian income tax law.
12. Briefly explain the definition of a ‘resident’ for tax purposes, as per tax legislation. How many days does a foreign resident need to be in Australia to be considered a resident for tax purposes?
13. Briefly explain the relevance of the source of income when determining accessibility, as per tax legislation.
14. List two related elements of international tax and briefly describe each one.   
15. Briefly explain ‘assessable income’ as per tax legislation.
16. Briefly explain the following terms, and give two examples of items or assets that can be deducted for each:
a)General deduction
b)Specific deduction
c)Decline in value
17. Briefly explain ‘tax rebates and offsets’ as per tax legislation.
18. Provide a brief overview of ‘tax accounting.’
19. Briefly describe how the following four income tests are used to assess tax offsets eligibility for individuals.
a)Super income test
b)Adjusted taxable income (include the treatment of FBT under this income test)
c)Rebate income (include the treatment of FBT under this income test)
d)Income for Medicare levy surcharge purposes
20. What is Capital Gain Tax (CGT)? Identify two key aspects of the principles of CGT. Give two examples of how CGT is applied.
21. What is the Fringe Benefits Tax (FBT)? Identify two key aspects of the principles of FBT. Give two examples of how fringe benefits tax (FBT) is applied.
22. What is the employment termination payment (ETP)? Identify two key aspects of the principles of ETP. Give two examples of when ETP is applied.    
23. Explain the basic concepts of Goods and Services Tax (GST) which need to be applied when preparing tax documentation for individuals.
24. The following questions are below relevant to the administrative aspects of the taxes relevant to individual taxpayers. Answer each one.
a)Identify at least two types of documents that can be used as supporting documentation of an individual’s income and eligibility for deduction/s
b)How long must records, relevant to the tax return being lodged, be kept? 
c)When do individual tax returns need to be lodged by? 
d)Describe how tax practitioners can lodge returns for their clients. (Include in your response, the type of confirmation your client will receive after their returns have been lodged.)
e)Briefly explain the withholding mechanisms which must be applied to payments made to workers, other businesses and other payees.
f)Briefly explain what the notice of assessment should include. (Include in your response the waiting period for the notice of assessment.)
g)Identify two obligations that individuals when it comes to taxation.
h)Identify at least two types of rulings for tax purposes.
i)Identify at least two circumstances where penalties can be imposed.
j)Briefly outline what is involved when an individual is audited.
k)Identify at least two steps the ATO will take during a review or audit.
25. Briefly explain the General Anti - Avoidance Rule (GAAR) and its relevance to submitting income tax documentation for individual taxpayers.
26. Identify at least two Specific Anti-Avoidance Rules (SAAR) and briefly explain each one and their relevance to submitting income tax documentation for individual taxpayers.

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