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Tax Lodgment Procedures Assignment

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Added on  2020-04-21

Tax Lodgment Procedures Assignment

   Added on 2020-04-21

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Running head: TAX1TaxName:Institution:Date:
Tax Lodgment Procedures Assignment_1
TAX2Q1) Procedures and Recommendations in Tax LodgmentTax agents like Mike Slow should realize that it is a requirement of the Australian Tax Authority for early filing of client’s tax requirements. There are various procedures and recommendations that are required to meet the lodgment schedule. They include; A)Updating the list of your clientAll the clients attached to mike slow will have to be included in the 85% calculation on time-lodgment performance. An update of the clients list regularly will help him manage the due dates of while ensuring that his services are not included in the calculation of lodgment program performance(Devos, 2014). The Tax Agent Portal will be used in practitioner lodgment services (PLS) using the business electronic lodgment services (ELS).B)Lodging overdue prior year tax returnsPrior years are not included in the calculation part as the tax regime only considers the current year’s lodgment on time performance. When calculating Mike slows on-time program performance on lodgment, he should consider;Current year’s tax return and previous year tax overdueInclusion of current year tax returnC)Requesting additional time to lodge tax returns for clientsTaking on new clients and previous clients will be affected if Mike lodge the current years return after the differed date or due date. On-time performance will be affected(Quick Tax Lodgement Services, 2004) .D)Notification of return is un- necessary
Tax Lodgment Procedures Assignment_2

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