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Assessment Task 2

The document outlines the tax obligations for DCB Consulting Pty Ltd, detailing the necessary tax return requirements, documentation, and deadlines for lodging. It includes a company tax analysis showing total income, expenses, and tax payable, as well as steps for communication with the client and manager regarding the tax return process. Additionally, it emphasizes the importance of accurate record-keeping and compliance with ATO regulations.

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20 views15 pages

Assessment Task 2

The document outlines the tax obligations for DCB Consulting Pty Ltd, detailing the necessary tax return requirements, documentation, and deadlines for lodging. It includes a company tax analysis showing total income, expenses, and tax payable, as well as steps for communication with the client and manager regarding the tax return process. Additionally, it emphasizes the importance of accurate record-keeping and compliance with ATO regulations.

Uploaded by

uplandshardware
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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Assessment Task 2

Complete the following activities:

1. Write a briefing report on client tax obligations

Briefing Report

DCB Consulting

Pty Ltd

Introduction

=) This is a briefing report on client tax obligations that illustrates the tax return requirements relevant to

the business entity and procedures of tax documentation.

Name of the client and the client’s company structure

=) Client Information

Name: DCB Consulting

Pty Ltd CEO: Mr. David

Burns Company Type:

Private

Annual income tax return requirements relevant to the business entity type

You must specify the documentation that must be used by the client for the tax return

=) If we operate our business as a company, we need to lodge a company tax return. The company reports

its taxable income, tax offsets and credits, PAYG instalments and the amount of tax it is liable to pay on

that income or the amount that is refundable. The company's income is separate from our personal income.
The company tax return can be lodged by

 using standard business reporting (SBR)External Link enabled software – find out how at Online

services

 with a registered tax agent

 by paper.

Accessed from https://www.ato.gov.au/Business/Reports-and-returns/Income-tax-return/ on 24 July at 4.30

pm

Due dates for lodging and paying, as well as ways of lodging:

=) If we lodge the company tax return ourself, we need to check the due date. Generally, the lodgment and

payment date for small companies is 28 February. If we have any prior year returns outstanding, the due date

will be 31 October. If we lodge through a registered tax agent, they’ll tell us when they will lodge our tax

return.

 Accessed from https://www.ato.gov.au/Business/Reports-and-returns/Due-dates-for-lodging-

and-paying/ on

24 july at 4.35 pm.

Update income and deduction information relevant to the client

=) Most income we receive from carrying on business is assessable for our income tax purposes.

We can claim tax deductions for most business expenses. We may also be eligible for certain concessions,

offsets and rebates. We must:

 keep accurate and complete records of your assessable income and expenses

 use the correct method for calculating and reconciling the amounts you claim

 report all income and deductions to us at the right time


 pay any amounts owed on time.

 Accessed from https://www.ato.gov.au/Business/Income-and-deductions-for-

business/ on 24 july at 4.50 pm


Information required from the client in order to complete the tax documentation required.

=) Required information are:

Client information: TFN, ABN, BSB and Account number, Address, Account

Name and ACN Profit and loss statement

Balance sheets of the

company Depreciation

schedule

2. Send an email to your Manager (your

assessor). Attach your briefing report to

the email.
3. Write a company tax analysis

Company Tax Analysis

DCB Consulting Pty Ltd

Total income: $

700000 Expenses: $
Superannuation =

$19,900 Bad Debts=

$3,000

Assumptions as at: The bad debt relates to income generated in

2015/2016 Repairs and maintenance= $3,400

Assumptions as at: Repairs included are ongoing repairs to equipment i.e. not expenditure related

to capital items. All other expenses= $8162

Assumptions as at: Error found in calculating this category. Top balance income tax

Total expenses:

$550884 Total

profit: $149116

Reconciliation to taxable income

Net Capital Gain from Shares: $5100

Non-deductable expenses (Income tax

expense) $20500 Tax losses deducted: $14900


Taxable income:

Total salary and wages: $400000

Payments to associated persons:

$31400 PAYG Instalments

raised= $25000 Taxable income:

$151666

Gross tax: $45500

Rebates or tax

offsets? No Tax

payable: $45500

Less PAYG tax paid: $25000

Total amount of tax payable: $20500

4. Send an email to the client (your assessor).

You will need to conduct further research to identify ATO requirements/rulings with regard

to the client enquiry. The text of the email should give the client relevant information about

the development tax incentive. The text should also ask for clarification on the discrepancy

within the figures you received.


5. Send an email to your assessor.

When you have received a response from the client, incorporate their response (if necessary) into the

Draft Company Tax Analysis.


6. Fill out the Company Tax Return.

You are required to download a company tax return that you have sourced from:

www.ato.gov.au

Then, when you have received a positive response from your client, use the data that

you now have to fill out the Company Tax Return, leaving the space for the client’s

signature empty.

7. Participate in a meeting with the Client.

=) Done

8. Lodge tax return.

When you have completed the meeting and the company tax return form has been

signed, scan the document, and save it as Company Tax Return Scan.
You must find out the address for postal lodgment of the tax return, place the hard copy

in an envelope and give this to your assessor

=)

Australian Taxation

Offi

ce GPO Box 9845

SYDNEY NSW 2001


9. Take a screen shot of your folder and files.

This activity requires you to demonstrate that you can file all of your records in a

logical structure.

Ensure that you have an overall, appropriately named folder for your work, as well as

sub folders if necessary.

All of the documents you have submitted for this assessment task should be correctly named

and filed.

The screen shot should show all the folders and documents.
10. Send an email to your Manager (your assessor).

The email text should give a summary of the meeting and your lodgement ofTax Return.

Attach your Company Tax Return Scan and screen shot to the email

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