Tax Lodgment Procedures Assignment

Added on - 21 Apr 2020

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Running head: TAX1TaxName:Institution:Date:
TAX2Q1) Procedures and Recommendations in Tax LodgmentTax agents like Mike Slow should realize that it is a requirement of the Australian TaxAuthority for early filing of client’s tax requirements. There are various procedures andrecommendations 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 duedates of while ensuring that his services are not included in the calculation of lodgmentprogram performance(Devos, 2014). The Tax Agent Portal will be used in practitionerlodgment 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 thecurrent year’s lodgment on time performance. When calculating Mike slows on-timeprogram 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 yearsreturn after the differed date or due date. On-time performance will be affected(Quick TaxLodgement Services, 2004).D)Notification of return is un- necessary
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