Letter of Advice: Superannuation, Taxation and Deductions

This assignment is a letter of advice focusing on tax accounting, particularly concerning superannuation and deductions. The letter addresses the individual's taxable income, emphasizing the importance of balancing revenue and expenses to minimize tax liabilities. It advises on the assessable income, superannuation contributions, and allowable deductions, specifically mentioning that the superannuation valuation is considered for assessment. The report also highlights the implications of reported losses and suggests regulating expenses to claim allowable deductions, specifically related to health protection contributions. The advice aims to assist the individual in understanding their tax obligations and optimizing their financial strategies within the current assessment year. This valuable resource is available on Desklib, a platform offering study tools for students.

Running head: LETTER OF ADVICE
Letter of Advice:
To ______________
From Tax Accountants
Dt: 15-01-2018
As defined under the Australian taxation office a person will be under obligation of
including the taxable value of income derived from the sources in Australia along with the
international sources will be required to include in the assessable income. Most importantly
the person who is held liable for taxation will be required of improving their financial
conditions by striking balance between the revenue generated and regulating the expenses
with the overall objective of alleviating the chargeable value.
As the matter of advice at the time of filing the tax return an individual tax payers
reportable amount of contribution that is made would be considered assessment. As evident it
has been found that the superannuation valuation that is made by you will be considered for
assessment. This is because the superannuation amount that is received by you is based on the
contribution that is made for the superannuation fund and will be considered as allowable
deductions.
On filing the tax return, it is noticed that you have reported a loss that has originated
from the sources income derived by you. I would like to attract your attention towards my
suggestion that with greater degree of loss suffered by you and the deductions reported for
the expenses would not be considered as the allowable deductions under section 8-1 of the
ITAA 1997. Conclusively it is advised that you can regulate the expenses in order to
minimize the losses and can claim allowable deductions relating to the contributions that is
made by you in respect of the health protection. It is anticipated that the above stated advice

LETTER OF ADVICE
and suggestions would have served you in ascertaining the taxable status in the present
assessment year.
Thank You
__________