Preparation of An Individual Tax Return Case Study - Taxation Assignment Help

Assignment Task

Assessment description:

Case Study requiring preparation of workpapers, online test, calculation of taxable income and income tax payable, preparation of an individual tax return, and a video of advice to client

EMPLOYMENT: Your client Helga Hemp is the sole director of Sunshine Futures Pty Ltd. The business employs five staff members, including your client who holds the position of managing director. Sunshine Futures analyses financial information and provides investment advice to registered clients.

The payment summary from Sunshine Futures Pty Ltd shows the following:

• ABN 84 111 122 223
• Gross Payments $130,000
• Tax Withheld $38,200

Sunshine Futures also paid $95 a month for your client’s mobile phone account and additional superannuation contributions of $7,800 under a salary sacrifice arrangement. This amount is in addition to superannuation guarantee requirements. The phone payments related to a fixed monthly contract in the employee’s name and payments were made directly to the phone company by the employer.

Your client owns an BMW X5. They purchased the car on 1 July 2019 for $99,000. The car travelled 36,500 kms during the year and your client has indicated that about 80% is work related but they have not kept a log book. Your client pays for all the running costs for the vehicle.

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