Tax Agent Services Act (TASA) and Tax Agent Services Regulations (TASR) - Law Assessment Answer

Law Assessment Answer

Your task is to research the following topics then outline your findings in a report. Use the questions below as a guide to your research:

1. Explain the following ethical considerations and legislative requirements which are relevant to the preparation of tax documentation for legal entities:

   1. Conflict of interest

   2. Responsibilities of tax agents, including the Code of Professional Conduct obligations which are outlined in the Tax Agent Services Act (TASA) and Tax Agent Services Regulations (TASR), especially those relating to disclosure and confidentiality requirements for the preparation of returns

   3. Government tax policy documents which are issued by Reviews, the Treasury and the Board of Taxation

   4. Legislation explanatory materials

   5. Statutes

   6. Decisions in the Court and Administrative Appeals Tribunal

   7. The Commissioner of Taxation's interpretive guidance in Rulings and Determinations

2. Explain the critical and key elements of Australian taxation law for each of the following areas, as it relates to tax documentation for legal entities:

   1. The rules and principles of Australian tax law, including the legal environment, and the legal system, constitutional considerations, and separation of powers.

   2. Income tax law, as it relates to:

      1. Concepts of residence and source

      2. Related elements of international tax

      3. Assessable income

      4. Deductions, tax rebates, and offsets

      5. Tax accounting

   3. The key aspects and relevant principles of the following taxes that extend the ordinary income tax base:

      1. Capital Gains Tax (CGT)

      2. Fringe Benefits Tax (FBT)

   4. Goods and services tax (GST)

   5. The taxation aspects of superannuation law

   6. The various administrative aspects of the taxes identified above, including:

      1. Documentation

      2. Tax collection and withholding mechanisms

      3. Assessments

      4. Obligations

      5. Rulings

      6. Penalties

      7. Audits

   7. Specific and the general anti-avoidance tax rules

3. Describe the following key sources of information and taxable transactions data that is required to calculate taxable income:

   1. Allowable deductions

   2. Capital gains

   3. Financial adjustments such as write-offs and revaluations

   4. Income

   5. Payments

   6. Purchases

   7. Superannuation payments

4. Describe the key features that should be included in organisational policies and procedures relating to the preparation of tax documentation for legal entities.

5. Identify and discuss the key accounting principles and practices which are relevant to the preparation of tax documentation, for the different types of legal entities.

6. What are the financial management strategies used to optimise tax position?

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