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Assessment Task - Complete a Trust Tax Return: Melbourne Cricket Ground Trust
In this assessment task, you will be preparing a realistic tax return for a given entity using the information you developed in Assessment Task. For the purpose of this assessment task, you will assume the role of a Tax Agent preparing and lodging a tax return on behalf of your client. You client for this task would be "Melbourne Cricket Ground Trust". Copies of Financial Statements of the trust will be provided to you to help you complete the tax return.
With a view to simulate the actual lodgement process, your trainer/assessor will play both the roles of the client (trustee) as well as of the ATO tax officer and provide you with the required information, feedback, and recommendations for enhancing/amending the tax return after you have completed it.
Use the following task flow to help with completion of this assessment task;
This task simulates tax preparation and lodgement procedures and should contain realistic lodgement dates and proper completion of the tax return to reflect a real-life practice.
Assessment Criteria -
The following assessment criteria will be used for marking this assessment task. Ensure that you have addressed all of the criteria in your work;
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The task deals with the preparation of the trust return for the income tax purpose. The form has been downloaded from the ATO website and filled as required. In addition a checklist
There's something fulfilling about helping students like me, take care of issues you battled with yourself before. Sort of like running into somebody you've not met in quite a while, with the exception of you are doing as such much superior to them now. Thanks for your service. good one.
The tax return form of Australia is not editable in pdf as was possible in Form 1040 of US Returns. The converted word document is having formatting issues. Can you please send me an editable version of the return. I have attached the PDF version for your reference. I have inserted comments wherever was not able to fill the form. Revert if you have any queries. The checklist for trust has not been attached as the points mentioned were not relevant for the given case.
hi there this is just part of an assignment no word limit. just need this to be done according to Australian standers and no word count just simple assignment has to be under Australian standers such as ATO Australian tax organization Copies of the financial statements of trust, Checklist prepared in Assessment Task 2, Please send the downloaded copy of the relevant tax return. This what i was given by the teacher. Please check and let us know if you can do. Tax File number is not present in the Annual Report that is required, Australian Business Number is required, Current Postal Address, EFT details if required, There are no editable forms because it's always use as hand written just send me a scanned copy of filled form.
Checklists include a list of action items the need to be carried forward to the next period. Checklist include review provisions and references for respective taxation items/tasks; and a review of taxation preparation process consistent with ATO's lodgement schedules. Checklists are within the scope of taxation and reporting laws relevant to the entity. Own role and responsibility as a tax agent are outlined in a clear and a concise manner with reference to relevant standards (TASR)/bodies (TASA) or Tax Practitioners Board. Code of conduct as a tax agent and/or ethical guidelines are provided with appropriate reference. Cited all external sources using an appropriate referencing system.
Separate checklists are prepared for separate entities; Company, Trust, Non-complex Super Funds, Sole Trader, Checklists are appropriately formatted and included entity specific taxation information (e.g. Statement of Distribution, TOFA, capital gains, foreign income, Franked Dividends, employee share schemes, fringe benefits, etc.) and requirements, Checklists follow a logical pattern and designed to obtain and/or gather all the required information and resources for preparation of a tax return. Checklists reflect unique style and format with clearly distinguished areas of taxation. Detailed information on specific taxation item is provided with a view to gather the required evidence/supporting document. Legal and regulatory information is appropriately referenced by respective legislations, status and/or standards relevant to each item/task/inquiry.
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