TPB601TA - Income Tax Return Assessment

Assignment Task

1. Income Tax Return and working schedules

Calculate depreciation for tax purposes using:

1. The diminishing value method for the plant and machinery, leasehold improvement and the office equipment; and
2. The straight-line method for factory premises.

2. i. Complete the following franking account for the year ended 30 June 2021 using the information provided in the case study.

ii. Calculate the franking deficit tax offset that would be applicable to Royal Watch Ltd.

3. Please complete the calculation of profit and loss and reconciliation to taxable income/loss sections of the Company Tax Return for the year ended 30 June 2021.

4. You have completed the preparation of the 2020/21 Income Tax Return for your client, Royal Watch Ltd. You are now required to prepare a Client Income Tax Return Cover Letter. 

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