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THE TAX PLAN AND COMPLIANCE

The purpose of this assessment is to evaluate the student's understanding and implementation of tax plans and tax obligations.

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Added on  2022-08-11

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This unit requires the application of skills and knowledge required to implement tax plans and to evaluate organisation's taxation compliance. The unit encompasses assessing taxation liabilities, optimising tax position, establishing processes and plans, evaluating tax policies and reviewing taxation compliance. The unit can be applied across the financial services sector, and is appropriate for a person with suitable qualifications and experience such as an accountant and taxation specialist that is responsible for implementing tax plans and evaluating compliance with taxation requirements

THE TAX PLAN AND COMPLIANCE

The purpose of this assessment is to evaluate the student's understanding and implementation of tax plans and tax obligations.

   Added on 2022-08-11

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Running head: TAX PLAN AND COMPLIANCE
Tax Plan and Compliance
Name of the Student
Name of the University
Authors Note
Course ID
THE TAX PLAN AND COMPLIANCE_1
TAX PLAN AND COMPLIANCE1
Table of Contents
Part a: Scenario 1:......................................................................................................................3
Answer to question A:................................................................................................................3
Answer to question B:................................................................................................................4
Answer to question II:................................................................................................................4
Answer to question III:...............................................................................................................4
Answer to question IV:..............................................................................................................5
Answer to question V:................................................................................................................5
Answer to question VI:..............................................................................................................5
Answer to question VII:.............................................................................................................6
Answer to VIII:..........................................................................................................................6
Answer to question IX:..............................................................................................................7
Part B: Scenario 2:.....................................................................................................................8
Answer to requirement A:..........................................................................................................8
Answer to question II:................................................................................................................9
Answer to A:..............................................................................................................................9
Answer to B:............................................................................................................................10
Answer to C:............................................................................................................................10
Answer to D:............................................................................................................................10
Answer to requirement III:.......................................................................................................10
Part C: Scenario 3:...................................................................................................................11
THE TAX PLAN AND COMPLIANCE_2
TAX PLAN AND COMPLIANCE2
Answer to question I:...............................................................................................................11
Answer to question II:..............................................................................................................11
Bibliographies:.........................................................................................................................13
THE TAX PLAN AND COMPLIANCE_3
TAX PLAN AND COMPLIANCE3
Part a: Scenario 1:
Answer to question A:
Particulars Amount ($) Amount ($)
Assessable Receipts 1300000
Fully Franked Dividend (Net) 70000
Gross Up Franking Credits 30000 100000
Interest received 120000
Total Assessable Income 1520000
Allowable Deductions
Cost of Sales 490000
Wages 300000
PAYG Instalments 50000
Depreciation for Tax Purpose 130000
General Expenses 78000
Bad Debts 4000
Rent Paid 90000
Total Allowable Deductions 1142000
Total Taxable Income 378000
Computation of Taxable Income
In the books of Chrystal View Ltd
For the year ended 30th June 2015
THE TAX PLAN AND COMPLIANCE_4

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