MAS3564 : E1093- Statement of Attainment Tax Agent Registration - Taxation Assignment

MAS3564

Taxation Assignment

Jeff Jones is a new client to your firm and you are meeting him for the first time to discuss taxation issues and the preparation of the required income tax returns for the current tax year. You will need to provide an audio or video recording of no more than 5 minutes in length. For this assessment, you will require two people, one to be the ‘client’ and another to be the ‘senior tax agent’. These two people can be drawn from colleagues, family or friends. You will be interacting with both people in this presentation, so they will be working from ‘Briefing notes’. Each of the participants must ask the questions that have been allocated to them. Questions : 1. What documents will I need to provide for you to complete my tax return? 2. What income is asses-able to me? 3. What deductions can I claim against my employment earnings? 4. What investment deductions can I claim? 5. What rebates may I be entitled to? 6. If I sold the property are there any tax consequences? 7. Do I need to register my business for anything tax related? 8. How well did you think you went providing advice to the client? What could you have done differently? 9. In regards to the information about the possible sale of the client’s property, what are the key considerations about CGT? Information to be requested includes – confirmation of the purchase date (or requesting a copy of the settlement statement), discussion on a potential sales price and date of sale (discuss pre 30 June vs post 30 June), any improvements to the property, capital allowance schedules, etc.