Reference no: EM131226108

This assessment item assesses the following learning outcomes:

Knowledge and Technological Skills (KS)

1.2 Apply technical and technological skills appropriate and effective for real world business purposes and contexts.

Teamwork and Self (TS)

4.2 Apply teamwork knowledge and skills for effective collaboration across diverse purposes and contexts.

ASSESSMENT OVERVIEW

A Prepare Scott Tracy's 2016 income tax return using Sage Handisoft's HandiTax software package in a group of 3 or 4 students from the same tutorial

B Group Technical Reflection

ASSESSMENT REQUIREMENTS FOR EACH PART

PART A: Prepare Scott Tracy's 2016 income tax return using Sage Handisoft's HandiTax software package in a group of 3 or 4 students from the same tutorial

Required to complete (but not lodge) Scott's 2016 income tax return using Sage Handisoft's HandiTax.

Students are not permitted to use any other electronic tax lodgment software packages (eg. MyTax, Solution 6, MYOB Accountants Office, Tax Assistant etc).

Failure to use HandiTax to complete Scott's return will automatically result in receiving an overall mark of zero out of 15 for Part A.

Printing off the Final Tax Return in HandiTax

In printing the completed tax return to pdf, please click "edit" from the pull down menu at the top of the screen and click the last option entitled "view return with worksheets".

This will not only provide you with a print preview of the tax return itself, but also the accompanying worksheets, schedules and tax estimate.

Please ensure that you print this document to pdf, ready to upload via Grade Centre by the due date.

Points to Note on How Part A is Marked:

- Part A (being the tax return itself) is worth a total of 15 marks. A total of 15 numbers will be marked in Scott's income tax return. Either the answer is correct (1 mark) or incorrect (0 marks). There are no half-marks awarded if the figure is wrong.

- Furthermore, please note that in respect of Part A, students will be marked not just on the correct amounts entered into HandiTax, but whether the amounts have been entered at the correct locations (ie. item numbers and item labels) in Scott's income tax return. For example, all work related deductions should be entered at Label D5 (Work Related Deductions) and for the group to get the single mark, then the correct final amount must also be entered at this label.

- If the amount entered is wrong, no marks will be awarded. Furthermore, if the correct amount is entered at the wrong label in the tax return, no marks will be awarded.

- Whilst we mark the overall net capital gain numbers contained in Label 18 of the tax return, if these numbers are wrong, then we will look at the CGT worksheet to award you part marks. If you do not attach the CGT worksheet, then we will not be able to give you part marks. Students will not be able to submit the CGT worksheet after the due date.

PART B: Technical Reflection(750 Words Maximum)

Only one technical reflection is required to be lodged by the group.

Part B requires each group to provide a written group reflection on how the group researched the following two specific tax issues contained in Part A of this project, namely:

(i) Item 6 being the $9,680 costs incurred by Scott on 18 March 2016 in relation to replacing the retaining wall at the rental property caused by the two falling trees as a result of recent heavy rains and flooding.

(ii) Item 10 being the following three costs incurred by Scott in relation to attending the annual International engineering conference held by the International Engineers Association (IAE) in Chicago in October 2015:

$

- renewing his 64-page Australian passport (which was about to expire) 380
- costs of obtaining 4 passport photographs 14
- travel insurance 243

For each item above, students are required to outline:

- what section references, cases, rulings, determinations etc. used as authority by the group to research the two abovementioned tax issues; and
- the conclusion (ie. claim the deduction or not claim the deduction for these two items).

Please do not quote the 2016 CCH Australian Master Tax Guide at all in your answer as this is not a source of taxation law. No marks will be awarded if the Master Tax Guide is referenced in your answer.

Furthermore, please do not simply quote websites or provide hyperlinks to websites (including the ATO website) in your answer. This includes ATO fact sheets and publications as this is not considered a source of taxation law (as outlined in Lecture 1)

No marks will be awarded if students merely include hyperlinks to websites in their answer. Students are expected to research the abovementioned two issues by quoting relevant sections, cases, taxation rulings, taxation determinations, ATO interpretative decisions etc.

PART C: Professional Approach

This assessment expects a professional approach to presentation similar to that expected when preparing and delivering a tax return to a client.

A professional approach also means that it is the responsibility of each student (to ensure that the complete assignment is submitted by the due date and complies with the requirements in submitting the assignment in the correct order.

Attachment:- HandiTax Assignment.rar