ACC30005 Group Assignment: Partnership Tax Return, Semester 1, 2019

This document presents a comprehensive analysis of a 2018 partnership tax return, focusing on the specifics of business income and expenses. The assignment delves into various aspects of the tax return, including the calculation of total business income, which includes gross payments, other business income, and reconciliation items. It also examines the expenses incurred, such as cost of sales, depreciation, motor vehicle expenses, and other operational costs. Furthermore, the document covers the reconciliation of income and expenses to determine the net income or loss from the business. The analysis extends to partnership distributions, deductions, and Australian and foreign income sources. Key financial information, including assets, liabilities, and business details, are also examined. The assignment covers topics like overseas transactions, personal services income, and taxation of financial arrangements, providing a thorough understanding of the partnership's financial position and tax obligations. The document meticulously outlines each section of the tax return, highlighting the relevant figures and calculations.

Page 1Sensitive (when completed)
Partnership tax return 2018
NAT 0659-06.2018
When completing this return
n Print clearly, using a black pen only.
n Use BLOCK LETTERS and print one character in each box.
S M I T H S T
n Place X in all applicable boxes.
Day Month Year Day Month Year
to
Or specify period if part year or approved substitute period.
Name of partnership
Australian business number (ABN)
Previous name of partnership
If the partnership name has changed, print the previous name exactly as shown on the last tax return lodged.
Suburb/town State/territory Postcode
Current postal address
If the address has not changed, print it exactly as shown on the last tax return lodged.
Country if not Australia
Postal address on previous tax return
Suburb/town State/territory Postcode
If the address has changed, print the previous address exactly as shown on the last tax return lodged.
Country if not Australia
Tax file number (TFN) Have you attached any
‘other attachments’?
Yes No
See the Privacy note in the Taxpayer’s declaration.
Partnership information
06590618
Notes to help you prepare this tax return
are in the Partnership tax return instructions
2018 (the instructions), available on our
website ato.gov.au
B U S H F U R N I T U R E S
M A L V E N
V I C T O R I A

Page 2 Sensitive (when completed) PARTNERSHIP TAX RETURN 2018
Interposed entity election status
If the partners have an existing election, write the earliest income year specified.
If the partners are making one or more elections this year, write the earliest income year being specified and
complete an Interposed entity election or revocation 2018 for each election.
If revoking an interposed entity election, print R and complete and attach the Interposed
entity election or revocation 2018.
Final tax returnNo Yes
1 Description of main business activity
Industry code A
2 Status of business at label B1, B2 or B3, whichever is the first applicable option, or leave blank.
Ceased businessMultiple businessB1 B2 Commenced businessB3
Consolidated subsidiary member
Significant global entity
Z2
G1
Consolidation status – print X at label Z2 if applicable
4 Did you sell any goods or services using the internet? Yes NoQ
Full name of the partner to whom notices should be sent
If the partner is an individual print details here.
Surname or family name
First given name Other given names
Title: Mr Mrs Miss Ms Other
ABN
Name
Entity status – print X at label G1 if applicable
If the partner is a company or trust, print details including ABN here.
X
W I L S O N
J O E
X
F U R N I T U R E R E T A I L B U S S I N E S S
X
X

Page 3Sensitive (when completed)PARTNERSHIP TAX RETURN 2018
Partnership TFN
Income – excluding foreign income
6 Tax withheld
Credit for tax withheld – foreign resident
withholding (excluding capital gains) .00, ,U
Tax withheld where ABN not quoted .00, ,T
Expenses
Reconciliation items
Contractor, sub-contractor and
commission expenses C
Superannuation expenses D
Cost of sales
Bad debts
Lease expenses
Rent expenses
Total interest expenses
Total royalty expenses
Depreciation expenses
Motor vehicle expenses
Repairs and maintenance
Add: Income reconciliation
adjustments
Add: Expense reconciliation
adjustments
All other expenses
E
F
G
H
I
J
K
L
M
A
N
B
O
SRQ
Total expenses – labels P to N
Net income or loss
from business
CODE
Foreign resident withholding
expenses (excluding capital gains) P
5 Business income and expenses WHOLE DOLLARS ONLY
Gross payments
where ABN not quotedC D
Income
Assessable government
industry paymentsE F
Other business incomeG H
CODE CODE
Total business income
Primary production Non-primary production Totals
Gross payments subject to
foreign resident withholding
(excluding capital gains)
B
Net small business income .00, ,V
06590718
10,81,625
10,81,625
10,81,625
10,81,625
1,28,065 1,28,065
25,000 25,000
120,000 120,000
15,000 15,000
4,812 4,812
10,125 10,125
240,150
5,46,473 5,46,473
240,150

Page 4 Sensitive (when completed) PARTNERSHIP TAX RETURN 2018
9 Rent Gross rent .00, ,F
Other rental deductions .00, ,H
Interest deductions , ,G .00
Capital works deductions , ,X .00
.00, ,Net rent
10 Forestry managed investment scheme income Q .00, ,
J .00, ,
11 Gross interest– including Australian Government loan interest
TFN amounts withheld
from gross interest , ,I .
12 Dividends
TFN amounts withheld
from dividends , ,N .
K .00, ,Unfranked amount
L .00, ,Franked amount
M .00, ,Franking credit
14 Other Australian income– give details
Type of income
O .00, ,,
15 Total of items 5 to 14 .00,, ,Add up the boxes.
Distributions of foreign income must be included at item 22 or 23.
8 Partnerships and trusts
Primary production
Share of net income from trustsZ
Distribution from partnershipsA
Deductions relating to
amounts shown at A and ZS
Net primary production amount .00, ,,
.00, ,,
.00, ,,
.00, ,,
Share of credits from income
Share of credit for tax withheld
where ABN not quoted .00, ,C ,
Share of franking credits from
franked distributions .
, ,D ,
Share of credit for TFN amounts
withheld from interest, dividends
and unit trust distributions
E .
, ,,
Share of credit for tax withheld
– foreign resident withholding
(excluding capital gains)
.00, ,U ,
Credit for TFN amounts withheld from
payments from closely held trusts , ,O , .
Non-primary production
Distribution from partnerships,
less foreign incomeB
Net non-primary production amount .00, ,,
Deductions relating to
amounts shown at B and RT .00, ,,
Share of net income from trusts,
less capital gains, foreign income
and franked distributions
R .00, ,,
Franked distributions from trustsF .00, ,,
.00, ,,
Deductions relating to franked
distributions from trusts in label FG .00, ,,

Page 5Sensitive (when completed)PARTNERSHIP TAX RETURN 2018
Partnership TFN
Deductions
16 Deductions relating to Australian investment income P .00, ,
17 Forestry managed investment scheme deduction D .00, ,
18 Other deductions– show only deductions not claimable at any other item
Name of each item of deduction
, .00
, .00 Q .00, ,
Amount
,
,
19 Total of items 16 to 18 .00, ,,
20 Net Australian income or loss .00,, ,
Subtract item 19
from item 15.$
Foreign income
If you answered Yes at label S, complete and attach an International dealings schedule 2018.
22 Attributed foreign income
M .00, ,
Listed
country
X .00, ,
Unlisted
country
Yes No
Did you have overseas branch
operations or a direct or indirect
interest in a foreign trust, foreign
company, controlled foreign entity
or transferor trust?
S
24 Total of items 20 to 23 .00, ,
Total net income or loss –
add the boxes. ,
23 Other assessable foreign source income– other than income shown at item 22
Also include at label D Australian franking
credits from a New Zealand franking company
that you have received indirectly through a
partnership or trust.
V .00, ,NetB .00, ,Gross
D .00, ,
Australian franking credits
from a New Zealand
franking company
Z .
, ,
Foreign income
tax offset
,
06590818

Page 6 Sensitive (when completed) PARTNERSHIP TAX RETURN 2018
Key financial information
32 All current assets F .00, ,,
33 Total assets G .00, ,,
34 All current liabilities I .00, ,,
35 Total liabilities J .00, ,,
Taxation of financial arrangements
31 Taxation of financial arrangements (TOFA)
Total TOFA gains .00, ,M ,
Total TOFA losses .00, ,N ,
Overseas transactions / thin capitalisation
29 Overseas transactions
Did you directly or indirectly send to, or receive from, one of the countries specified in the
instructions, any funds or property or
Do you have the ability or expectation to control, whether directly or indirectly, the disposition of any
funds, property, assets or investments located in, or located elsewhere but controlled or managed
from one of those countries?
Yes NoC
Transactions with specified countries
Was the aggregate amount of your transactions or dealings with international related parties (including
the value of any property/service transferred or the balance of any loans) greater than $2 million?
Yes NoW
Did the thin capitalisation
provisions affect you? Yes NoO
Interest expenses overseas .00, ,D ,
Royalty expenses overseas .00, ,E ,
If you answered Yes at label W or O or completed D or E, complete and attach the
International dealings schedule 2018.
30 Personal services income
Yes NoN
Does your income include an individual’s
personal services income?
Did you satisfy the results test in
respect of any individual? Yes NoC
Do you hold a personal services business (PSB)
determination in respect of any individual?Yes NoD
Total amount of PSI included
at item 5 income labels .00, ,A ,
Total amount of deductions against PSI
included at item 5 expense labels .00, ,B ,
For any individual for whom you did not satisfy the results test or hold a PSB determination, and each source of the
income yielded less than 80% of their total PSI, indicate if you satisfied any of the following personal services busin
– print X in the appropriate box(es).
Unrelated clients testE1 Employment testE2 Business premises testE3

Page 7Sensitive (when completed)PARTNERSHIP TAX RETURN 2018
48 Small business entity simplified depreciation
A .00, ,Deduction for certain assets
B .00, ,
Deduction for general
small business pool
49 National rental
affordability scheme F .
, ,
National rental affordability
scheme tax offset entitlement
Business and professional items
Suburb/town State/territory Postcode
37 Business address of main business
A
36 Business name of main business
The following items must be filled in for all partnerships carrying on a business.
38 Opening stock C .00
.00
39 Purchases and
other costs B
.0040 Closing stock D
CODE
.0041 Trade debtors E
.0042 Trade creditors H
.00
43 Total salary and
wage expenses L
CODE
.0044 Payments to
associated personsM
.00
45 Fringe benefit
employee
contributions T
46 Trading stock
election Yes No
47 Capital allowances
$ , ,Other depreciating assets first deductedB , .00
$ , ,Intangible depreciating assets first deductedA , .00
Depreciating assets first deducted in this income year
Have you self-assessed the
effective life of any of these assets? Yes NoC
$ , ,
Assessable balancing adjustments on the
disposal of intangible depreciating assetsF , .00
$ , ,Termination value of intangible depreciating assetsH , .00
$ , ,Termination value of other depreciating assetsI , .00
$ , ,Total adjustable values at end of income yearE , .00
$ , ,
Deductible balancing adjustments on the
disposal of intangible depreciating assetsG , .00
Did you recalculate the effective life for
any of your assets this income year? Yes NoD
For all depreciating assets
$ , ,Deduction for project poolJ , .00
$ , ,Section 40-880 deductionK , .00
06590918
B U S H F U R N I T U R E S
M A L V E R N
V I C T O R I A
451,750
506,315
830,000
76,000
12,300
135,000
4 8 1 2
X
N
2 1 9 7 8 8

Page 8 Sensitive (when completed) PARTNERSHIP TAX RETURN 2018
50 Income tests Net financial investment income or loss .00, ,G
Net rental property income or loss .00, ,H
Statement of distribution
51 Statement of distribution
Note: It is not an offence not to quote a TFN. However, TFNs help the ATO to correctly identify each partner’s tax re
is authorised by the Income Tax Assessment Act 1936 and the Income Tax Assessment Act 1997 to ask for informa
return. We need this information to help us administer the taxation laws. We may give this information to other go
authorised in taxation law – for example, the Australian Bureau of Statistics and the Reserve Bank of Australia.
Date of birth
Day Month Year
Name in full of each partner and TFN or postal address – if the partner is a trustee,
including a trustee company, show the name of the trust not the name of the trustee.
PARTNER 1
Tax file number
(TFN)
Australian business
number (ABN)
INDIVIDUAL
Tax file number (TFN)
Surname or family name
First given name Other given names
Title: Mr Mrs Miss Ms Other
Country if outside Australia
Suburb/town State/territory
(Australia only)
Postcode
(Australia only)
Business address
State/territory
(Australia only)
Postcode
(Australia only)
NAME (company, partnership, trust etc.)
Country if outside Australia
Suburb/town
OR
NON-INDIVIDUAL
Residential address
X
W I L S O N
J O E
M A L V E R N
V I C T O R I A
B U S H F U R N I T U R E
M A L V E R N
V I C T O R I A

Page 9Sensitive (when completed)PARTNERSHIP TAX RETURN 2018
51 Statement of distribution – continued
.00, ,CCredit for tax withheld where ABN not quoted
.00, ,F
Credit for tax withheld – foreign resident withholding
(excluding capital gains)
.00, ,G
Australian franking credits from
a New Zealand franking company
.00, ,HShare of net small business income
.
, ,DFranking credit
.
, ,ETFN amounts withheld
.
, ,IShare of National rental affordability scheme tax offset
Share of income
.00, ,APrimary production
.00,BNon-primary production
.00, ,JShare of net financial investment income or loss
.00, ,KShare of net rental property income or loss
.00, ,MShare of exploration credits
.
, ,O
Share of credit for TFN amounts withheld from
payments from closely held trusts
.00, ,LFranked distributions
PARTNER 1 – continued
2 7 3 2 3 7

Page 10 Sensitive (when completed) PARTNERSHIP TAX RETURN 2018
51 Statement of distribution – continued
Date of birth
Day Month Year
Name in full of each partner and TFN or postal address – if the partner is a trustee,
including a trustee company, show the name of the trust not the name of the trustee.
OR
Tax file number
(TFN)
Australian business
number (ABN)
NON-INDIVIDUAL
INDIVIDUAL
Tax file number (TFN)
Surname or family name
First given name Other given names
Title: Mr Mrs Miss Ms Other
Residential address
Country if outside Australia
Suburb/town State/territory
(Australia only)
Postcode
(Australia only)
Country if outside Australia
Suburb/town State/territory
(Australia only)
Postcode
(Australia only)
NAME (company, partnership, trust etc.)
PARTNER 2
Business address
X
W I L S O N
M A R Y
M A L V E R N
V I C T O R I A
B U S H F U R N I T U R E
M A L V E R N
V I C T O R I A

Page 11Sensitive (when completed)PARTNERSHIP TAX RETURN 2018
51 Statement of distribution – continued
.00, ,CCredit for tax withheld where ABN not quoted
.00, ,F
Credit for tax withheld – foreign resident withholding
(excluding capital gains)
.00, ,G
Australian franking credits from
a New Zealand franking company
.00, ,HShare of net small business income
.
, ,DFranking credit
.
, ,ETFN amounts withheld
.
, ,IShare of National rental affordability scheme tax offset
Share of income
.00, ,APrimary production
.00,BNon-primary production
.00, ,JShare of net financial investment income or loss
.00, ,KShare of net rental property income or loss
.00, ,MShare of exploration credits
.
, ,O
Share of credit for TFN amounts withheld from
payments from closely held trusts
.00, ,LFranked distributions
PARTNER 2 – continued
2 7 3 2 3 7

Page 12 Sensitive (when completed) PARTNERSHIP TAX RETURN 2018
51 Statement of distribution – continued
Date of birth
Day Month Year
Name in full of each partner and TFN or postal address – if the partner is a trustee,
including a trustee company, show the name of the trust not the name of the trustee.
OR
Tax file number
(TFN)
Australian business
number (ABN)
NON-INDIVIDUAL
INDIVIDUAL
Tax file number (TFN)
Surname or family name
First given name Other given names
Title: Mr Mrs Miss Ms Other
Residential address
Country if outside Australia
Suburb/town State/territory
(Australia only)
Postcode
(Australia only)
Business address
Country if outside Australia
Suburb/town State/territory
(Australia only)
Postcode
(Australia only)
NAME (company, partnership, trust etc.)
PARTNER 3