Tax Compliances - Loyal Assignment
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Tax Compliances

Assessment Summary

Part 1: – Communication with Client
All the required details in form of questions has been asked to the client, with respect to
lodged the tax return of the client and all the necessary documentation and information in
required is dully provided by the client in the format of Appendix A. Further, there were few
discrepancies found while sharing the necessary information and all have been dully resolved
and due met in the within time frame. The main concern was regarding a medical bill in order
to confirm the expenditure value and its authenticity and the same is dully provided by the
client and attached in the appendix. Moreover, various cross questioning is done in order to
certain the correctness of the documents is dully verified and the authenticity of all the
documents are also appropriately verified and considered appropriate to dully lodge the tax
return.
Part 2: – Tax Return

Taxable Income
Financial Year 2014-2015

Personal Details: – TFN: 367 446 033
Date of Birth: 14th September 1978
Address: 14 Maybury Street, Reservoir 3073
Private Health Insurance: None
HELP Account: $7,340 owing
Occupation: Nurse
Employer: Northern Hospital
Marital Status: Married
Children: 2
Resident of Australia

Particulars

Descriptio
n Amount

Income from Salary WN: 1 $ 80,691.00

Tax Compliances 3

Other Income WN: 2 $ 757.00

Income from House Property WN 3: $ 9,842.50

Income from Business WN 6: $ 4,424.71

Total Taxable Income   $ 95,715.21

Less Deductions WN 8 $ 21,506.60

Net Taxable Income $ 74,208.61

Tax Computation

Net Taxable Income   $ 74,208.61

Tax Computed WN 9 $ 15,664.47

Medical Levy 2%   $ 313.29

Total Tax Computed   $ 15,977.76

Less Tax already paid   $ 19,830.00

Tax Payable / Refunded

-$
3,852.24

Work Notes
W.N. 1
Income from salary – Northern Hospital

$
64,056.00

Income from salary – Health Link

$
15,662.00

Travel allowance- Northern Hospital

$
315.00

Travel allowance -Health Link

$
226.00

Uniform Allowance

$
90.00

Meal Allowance

$
342.00

Total Income $

Tax Compliances 4

80,691.00

W.N.2
Saving account Interest

$
243.00

Term Deposit Interest

$
514.00

Total Expenses

$
757.00
W.N.3
Income from property
Rent received

$
15,070.00
Expenses
Agent Fees

$
753.50

New AC

$
2,244.00

Body Cops Fees

$
722.00

Landlord Insurance

$
223.00

Repair Water Leak

$
480.00

Install new power point

$
225.00

Income Protection Policy full year plan

$
580.00

Total Expenses

$
5,227.50

Income from property

$
9,842.50

W.N.4
Business income from clients

$
11,045.00

Prepaid income from RR

$
450.00

Prepaid Income from LL

$
200.00

Total Income from business

$
11,695.00

W.N. 5
Business Expenses
Total Internet bill (40 %)

$
257.60

Tax Compliances 5

Business phone

$
356.67

Business Mobile

$
215.63

Paper/ink usage

$
215.62

Gloves

$
1,670.34

Masks

$
334.09

Syringes

$
889.34

Other Pharmaceuticals

$
353.00

Business loan

$
412.00

Running Costs

$
2,566.00

Total Business expense

$
7,270.29

W.N. 6
Total Income from business

$
11,695.00

Total Business expense

$
7,270.29

Net Income from business

$
4,424.71

W.N.5
Business Purchases
Business Km travelled

$
2,836.00

Another km travelled

$
1,966.00

Cost of travel

$
6,314.78

W.N.8
Deductions
Uniform

$
56.00

Nurses Board of Victoria

$
465.00

Australian Nursing and Midwifery
Council

$
330.00

Nursing Magazine Subscription $

Tax Compliances 6

110.00

University Course fees

$
1,890.00

Previous Tax Return fees

$
120.00

CPD Course

$
66.00

Donation- Red Cross

$
200.00

CPR Update Course

$
55.00

Superannuation contribution

$
500.00

Stationary for study

$
45.00

Assignment Postage

$
43.00

Photocopying

$
31.00

Purchased a Laptop for study purposes

$
1,450.00

Internet Bill

$
257.60

Health

$
15,888.00

Total Deductions

$
21,506.60

W.N. 9
Tax Computation
0 – $18,200 Nil
$18,201 – $37,000 19c for each $1 over $18,200

$
3,572.00

$37,001 – $74208.61

$3,572 plus 32.5c for each $1
over $37,000

$
12,092.47

74208.61-37001 Difference 37207.61
$
15,664.47

Tax Computed

$
15,664.47

Part 3 : Review of the Tax return and deductions
1) The above computation is taken as per the tax compliances stated in the Australian
government – Australian taxation officer.

Tax Compliances 7
2) The client does not have a GST and BUS registration number hence cannot claim on
GST Tax paid.
3) They client has not reached a limit for compulsory registration, however, if he wishes
to claim refund of GST paid on various bills, it is essential that as the must enroll for
GST and BUS number.
4) As per the tax compliances a professional working from home can take deduction of
the expense utilized in his business for example portion of the internet bill, portion pf
the phone bill, portion of the mobile bill, portion of the home space used for applying
business practices.
5) Expenses are subtracted in working notes with respective income, however, the
deductions are shown specifically in a different working note.
6) Tax already paid as taken in PAG St

AUTHOR: Loyal Education
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