Analysis of Tax Lodgment Procedures and Recommendations in Australia

This report examines the procedures and recommendations for tax lodgment in Australia, focusing on the requirements and processes for both individual tax agents and businesses. It addresses key aspects such as updating client lists, lodging overdue tax returns, handling requests for additional time, and understanding the implications of 'return not necessary' notifications. The report also provides a step-by-step guide for businesses, like Zenith Business Pty Ltd, on how to lodge their returns to the Australian Tax Office, including using standard business reporting software, paper filing, or employing a registered tax agent. The report emphasizes the importance of adhering to deadlines, gathering necessary documentation, and understanding the tax obligations to ensure compliance with Australian tax regulations.

Running head: TAX 1
Tax
Name:
Institution:
Date:

TAX 2
Q1) Procedures and Recommendations in Tax Lodgment
Tax 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 client
All 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 returns
Prior 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 overdue
 Inclusion of current year tax return
C) Requesting additional time to lodge tax returns for clients
Taking 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 3
A return is not necessary (RNN) if it is for only one financial year. The tax will be expected
to be lodged in the future if RNN is lodged. Lodgment will not be of importance if it is
notified as further return not necessary (FRNN).
Question 2
Question 2
The following are the steps that Zenith Business Pty Ltd, the company can lodge its returns to
the Australian Tax Office by using the following ways; first is by using a standard business
reporting (SBR) Software as required for a company. Second, the business can opt to file its
taxes by using paper. The other way that the company may use to file income tax to the
Australia Tax Office is by using a registered tax agent.
Before meeting officers from Australia Tax Office, Zenith Business Pty Ltd directors must
first check when the company's tax return is due. This might be done through a tax agent if
the company lodged its income tax through a registered tax agent. For a company, 31st
October is the date set aside to clear any outstanding tax returns. Therefore, if Zenith
Business Pty Ltd has returns which are outstanding, it should first clear before meeting the
officers. Second step; the company directors should ensure that they have they have all
reports of the company in regards to taxable income, it is also advisable if they have
documents and reports showing the company's PAYG installments, credits, and tax offsets
and the amount that is refundable to show the officers(Quick Tax Lodgement Services, 2004) .
.
The last step is for the directors to ensure that they have supporting documents that may be
asked by tax officers through a letter of schedule. For example, supporting documents for

TAX 4
capital gains, documents on foreign source income, offsets, dividend income, supporting
documents for taxable payments annual reporting e.t.c.

TAX 5
References
Devos, K. (2014). Factors Influencing Individual Taxpayer Compliance Behaviour.
Dordrecht [u.a.]: Springer.
Quick Tax Lodgement Services. (2004).