FNSACC601 - Prepare and Administer Tax Documentation for Legal Entities

Assignment Task

1. Explain how the following have a role in interpreting and applying tax legislation in Australia. Ensure you include both a description and the role they have in assisting to interpret the legislation.

• Compare and contrast public and private rulings and determination
• Court and tribunal decisions: How do these past decisions assist you to interpret tax legislation today?

2. You have prepared a client’s accounts and income tax return from the computerised accounting system you have maintained for this client. The ATO Tax Auditor is coming to your office to undertake an audit of The Tom Family Discretionary Trust, trading as Tom’s Plumbing. The two items being audited are Sales and Purchases of Plumbing Supplies. For each item indicate the following:

• Where did the actual figure on return come from
• What items made up that amount
• What documents support each of those items

3. Identify whether the following are considered fringe benefits, giving reasons for your answer. West Point Pty Ltd is a resident company that owns and operates a car dealership. During the year it provided the following benefits: 

a) Peter, an Accountant, receives the use of a car for both business and personal use Click here to enter text.

b) Paula, Peter’s wife who does not work at the company, receives the use of a car Click here to enter text.

c) Anne, a Director, is given use of a car Click here to enter text. d) Mary the full time bookkeeper is given a mobile phone and laptop which is primarily used for work. She occasionally uses the laptop for personal use.

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