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FNSACC502 Prepare tax documentation for individuals: Assessment Task 1

Assessment Task 1 Instructions

Provide answers to all of the questions below: 

  1. Explain the purpose of the goods and services tax (GST) and how it is applied by businesses.
  2. Outline the basic formula for calculating taxable income that involves assessable income and deductions.
  3. Complete the following table and indicate the source of this information. 
Taxable incomeTax on this   income
0 – $18,200
$18,201 –   $37,000
$37,001 –   $87,000
$87,001 –   $180,000
$180,001 and   over


  1. What is the rate at which Medicare is levied for Australian tax payers?
  2. What is income range for a single person for which no Medicare levy is payable? 
  3. Who is required to pay the Medicare levy surcharge?
  4. Provide three examples of situations in which a person would be considered an Australian resident for tax purposes. 
  5. How is a work-related deduction defined under the Income Assessment Act section 900.30?
  6. List 3 allowable deductions under the Income Assessment Act.
  7. Describe the circumstances in which foreign residents do not need to submit an Australian tax return. 
  8. Explain reportable employer superannuation contributions. 
  9. Explain non-reportable employer superannuation contributions. 
  10. Give three examples of information that you would require a client to provide you with in order to lodge a tax return.
  11. What is classed as salaries and wages to be declared for taxation purposes, according to the Australian Tax Office? 
  12. If an individual is lodging a tax return themselves (not using a registered tax agent) what are the penalties if their return is not lodged by 31st October each year? 
  13. Generally, how long are you required to retain business records relevant to a tax return? 
  14. Explain why it is important to seek advice or guidance if you are unsure of any information regarding a tax return? 
  15. How is a conflict of interest defined under the TPB Code of Professional Conduct: managing conflicts of interest?
  16. Explain the three ways for managing conflicts as prescribed in the TPB Code of Professional Conduct: managing conflicts of interest. Provide an example to illustrate each method. 
  17. List the five principles of professional conduct required by tax agents, BAS agents and tax advisers. 
  18. Explain the importance of a written agreement (letter of engagement) between an agent and client. 
  19. Are tax agents able to share employee’s tax return details with their employer? Explain why or why not. 
  20. Explain Fringe Benefits Tax (FBT) and provide three examples of what is considered fringe benefits for tax purposes.
  21. Explain recent changes to Fringe Benefits in regard to living away from home allowance.
  22. Explain the ATO definition of a genuine redundancy payment and give one example of a genuine redundancy payment and one example of a payment that is not a genuine redundancy payment. 
  23. Explain capital gains tax (CGT) and how it is taxed for an individual. 
  24. If you are a foreign resident, does CGT apply? Explain why or why not

Answer

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