Tax Return work

FNSACC601FinalAssessmentTemplate.xlsx

Part B Question 1

Part B - Question 1
Note- Please show all workings where necessary and you may use additional space below
Please write your workings/explanations and answers in Blue cells
(a) Prepare a statement reconciling net profit with taxable income
Hot Pink Batts Pty Ltd
Net Profit per Financial Report	Amount $	Write your Reasons or Workings (if applicable)	Enter amount here $
Net Profit
ADD BACK:
Equals ADJUSTED NET PROFIT			- 0
LESS:
Total less amount			- 0
Equals TAXABLE INCOME			- 0
Tax Payable (Refundable)
(b) Calculate the net tax payable by the company for the year, clearly showing all your workings
Tax on Taxable Income $ 0			- 0
Tax Payable/(Refundable)			- 0
Additional Workings (if any)
(c) Who would you consult if you required advice and guidance to determine any income tax related issues?
Write your answers
Tax on Taxable Income $

Part B - Question 2
Note- Please show all workings where necessary and you may use additional space below
Please write your workings/explanations and answers in Blue cells
(a) Prepare a statement reconciling net profit with taxable income
Hot Pink Batts Pty Ltd
Net Profit per Financial Report		Amount $	Write your Reasons or Workings (if applicable)	Enter amount here $
Net Profit
ADD BACK:
Equals ADJUSTED NET PROFIT				- 0
LESS: (if any)
Total less amount				- 0
Equals TAXABLE INCOME
Tax Payable (Refundable)
(b) Calculate the net tax payable by the company for the year, clearly showing all your workings
Tax on Taxable Income $				- 0
Tax Payable/(Refundable)				- 0
(c) Calculate ALL losses carried forward by the company
Carried Losses (if any)			Workings (if any)	Amount
Total Carry Forward Lossses				- 0
Capital Losses (if any)			Workings (if any)	Amount
Total Capital Carry Forward Lossses				- 0
Additional Workings (if any)
	Tax on Taxable Income $

FNSACC601 - PREPARE AND ADMINISTER TAX RETURNS FOR LEGAL ENTITIES	Part B - Question 3
Final Assessment	Note- Please show all workings where necessary and you may use additional space below
	Please write your workings/explanations and answers in Blue cells
	a) Complete a Distribution schedule
	Beneficiary	Presently Entitled	Legal Disability	Sections of Act	Who is Assessed	Amount Distributed
Part B
	b) Calculate the tax payable by the trustee
	Trustee	Show your workings		$
	On behalf of
	Tax on			- 0
	Medicare Levy			- 0
	Low Income Tax Offset
				$0.00
	On behalf of
	Tax on
	Medicare Levy
	Low Income Tax Offset
				$0.00
	On behalf of
	Tax on
	Medicare Levy
	Low Income Tax Offset
				$0.00
	On behalf of
	Tax on
	Medicare Levy
	Low Income Tax Offset
				$0.00
	On behalf of
	Tax on
	Medicare Levy
	Low Income Tax Offset
				$0.00
	On behalf of
	Tax on
	Medicare Levy
	Low Income Tax Offset
				$0.00
	On balance
	Tax on
Part C	Medicare Levy
	Low Income Tax Offset
				$0.00
	Total tax payable by the trustee			$0.00

Part B - Question 4
Note- Please show all workings where necessary and you may use additional space below
Please write your workings/explanations and answers in Blue cells
a) Calculate Net Partnership Income
Receipt Items	Receipt Amount $	Write your Reasons or Workings	Enter Claimable amount $
Total Assessable Income			- 0
Deductible Expense items	Deductible Amount $	Workings (show clearly)	Enter Claimable amount $
Total Deductible Expenses			- 0
Partnership Net Income			- 0
Adjusted Net Income	Amount $	Workings (show clearly)	Enter amount $
Adjusted Net Income			- 0
b) Prepare a Partnership Distribution Statement
Distribution - Partnership Net Income	Wharf	Alexander	TOTAL
		- 0	- 0
Share of Adj. Net Inc.	- 0	- 0	- 0
Total	- 0	- 0	- 0
c) Calculate Wharf’s Taxable Income
Workings	Amount
Taxable Income	- 0
d) Calculate Alexander's Taxable Income
Workings	Amount
Taxable Income	- 0

Part B - Answer to Q 6
Note- Please show all workings where necessary and you may use additional space below
Please write your workings/explanations and answers in Blue cells
Tax Payable (Refundable)
(a) Franking account
Date	Transaction	Debit	Credit	Balance
(b) How much (if any) franking deficit tax will be payable by Browns?
(c) How much of the franking deficit tax can be used to offset future tax liabilities (show calculation below)