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FNSACC603 Implement Tax Plans and Evaluate Tax Obligations Assignment, ALTEC College, Australia

Learning Outcomes - On successful completion of this unit, the learner/trainee will be able to;

  • Assess legal entity's tax obligations.
  • Develop tax plans.
  • Evaluate and advise on tax plan.

Assessment Task - Develop and Evaluate a Tax Plan: MCG Trust

Using this information and historical data;

1. Develop income and expenditure forecast for the next financial year. Once completed, use the forecast data in preparing a tax plan for the organisation.

2. Develop an operational budget covers revenues and expenses covering everyday operations.

3. Drawing from your workings in Assessment Task 2, estimate tax obligations for both budgeted and forecasted income.

Tax Plan - Next, prepare a tax plan that essentially includes (but is not limited to);

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Answer -

1. Goals and objectives

The tax plan of Melbourne Cricket Ground Trust is made with some goals and objectives, and these goals and objectives will be discussed here. The first goal and objective of this tax plan is a reduction in the tax liability of the trust by maximising the benefit of the different allowances and benefit in the Australian tax regulation. The second objective of this tax plan is to minimise the legal risk of the trust by following and abiding very tax obligation and requirement that is required of the trust (Business Jargons, 2019). The third goal is the selection of the investments of the trust, which are beneficial for the trust even after fulfilling all tax obligation of the business. The fourth goal is to increase the sustainability of the trust by increasing the financial abilities of the trust by reducing its liabilities and increasing the different tax benefit that the business gets from its different activities (TaxReturnWala, 2019). All these are the goals and objectives of the tax plan of the Melbourne Cricket Ground trust.

2. Key stakeholders

There are few key stakeholders of Melbourne Cricket Ground trust, and these key stakeholders will be identified in this section. The first key stakeholder of Melbourne Cricket Ground trust is the staff of the Melbourne Cricket Ground trust including the ground staff of the Melbourne Cricket Ground as their career growth is directly linked with the sustainability and growth of the trust. The second key stakeholder of this tax plan is the Australian Cricketer especially those whose play in the Melbourne cricket ground on domestic matches. The third key stakeholder of this tax plan is Australian Cricket Board as it is the property of the board and monitored by it (Footyindustry.com, 2019). The fourth key stakeholder of this tax plan is the public and society as it public and society is also the beneficiary of this trust and the infrastructure of the Melbourne Cricket Ground. The fifth key stakeholder of this tax plan is the infrastructure which comes under Melbourne Cricket Ground trust as its development depends upon the trust's tax plan performance. All these are the key stakeholders of the Melbourne Cricket Ground trust.

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3. Compliance environment and requirements

Melbourne Cricket Ground trust is a corporate body with perpetual succession which had been established to manage and monitor the operation of the Melbourne Cricket Ground in the interest of the general public and other stakeholders of the Melbourne Cricket Ground. Therefore, the trust has to comply with many rules and regulation that has been made for any sports organisation. Also, it has to comply with policies made by the Australian Cricket Board for conducting its operation. One of the specific legislation that has been made to conduct its business in a specific way is Melbourne Cricket Ground Act 2009 (Act), and this legislation has provided guidance about how to conduct the infrastructure of the Melbourne Cricket Ground and conduct its major sporting event. Under this legislation guidance, the Melbourne Cricket Ground Trust member also meets at least six times a year.

The trust has been appointed to monitor the activities of the Melbourne Cricket Ground, but the daily ground operations of the Melbourne Cricket Ground are conducted by the Melbourne Cricket Club MCC (Mcc.org.au, 2019). Also, it had assigned the committee management of Yarra Park to MCC. Some of the responsibilities have to be followed by the MCG trust, and these responsibilities will be discussed here. The first responsibility is following the strategies and goals made for the future operation of (MCG Parliament.vic.gov.au, 2019).

The second responsibility is established effective risk management and accountability system in the daily operation of MCG. The third responsibility is to better the infrastructure of the MCG and make its operation more sustainable (Mcg.org.au, 2019). MCG Trust also had to publish its annual report every year as it is the corporate body which has been made keeping in mind the interest of Australian citizens. The tax obligation of the trust is fulfilled under Pay as you go installment system, and the trust is exempted from income tax under section 45-50 under the Income Tax Assessment Act (ITAA) 1997.

4. Strategies to achieve the intended objectives

There are some of the strategies that can be adopted by the MCG Trust, and these strategies will be discussed here. The first strategy that can be adopted to achieve the indented objectives of the tax plan is the selection of the investment, which gives high tax benefit. The second strategy is to develop the development and infrastructure project in such a way that different benefit can be availed by the trust like using sustainable way for energy and waste management in the new infrastructure project of the trust. The third strategy is the distribution of the income that has been received by the trust as the trust has to pay 46.5% on the undistributed income (Legislation.vic.gov.au, 2019). The fourth tax strategy that can be applied in this tax plan is to account the revenue and expenditure of the trust on an accrual basis as it lowers the tax liabilities that the trust has to pay for the cash it already received as a fee for its future sporting event (Noel May & Associates, 2019). The fifth tax strategy is to identify all tax entitlement that the trust can avail in the present period. All these are the tax strategies that MCG Trust can avail to make their tax plan more effective.

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5. Summary of income and expenditure in the next financial year

Income and Expenditure Forecast

Particulars

Quarter 1

Quarter 2

Quarter 3

Quarter 4

Total


Amount ($)

Amount ($)

Amount ($)

Amount ($)

Amount ($)

Revenue

1238490

1337569

1444575

1560141

5580775

Add: New Revenue

70750

70750

70750

70750

283000

Add: Long Term Debt

128000




128000

Total Income

1437240

1408319

1515325

1630891

5991775

Less:






Expenditure






Expansion Of The Stadium

140000

140000

140000

140000

560000

Purchasing And Installing New Chairs

552500




552500

Allocation For Junior Cricket Academy

8500




8500

Operational Expense

40230

43448.4

46924.27

50678.21

181280.9

Total Expenditure

741230

183448.4

186924.3

190678.2

1302281

Net Income

696010

1224871

1328400

1440213

4689494

Table 1: Income and expenditure forecast for the upcoming financial year

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Tax Obligation according to the forecasted income and expenditure for the next financial year

Particulars

Quarter 1

Quarter 2

Quarter 3

Quarter 4

Total


Amount ($)

Amount ($)

Amount ($)

Amount ($)

Amount ($)

Net income

696010

1224871

1328400

1440213

4689494

Less:  Long term debt

128000




128000

Taxable income

568010

1224871

1328400

1440213

4561494

tax rate

10.00%

10.00%

10.00%

10.00%


tax obligation

56801

122487.1

132840

144021.3

456149.4

Table 2: Tax Obligation according to the forecasted income and expenditure for the next financial year

The income and expenditure forecast of the MCG trust show that the income and expenditure forecast shows that the trust revenue will increase significantly in the upcoming financial year due to revenue growth of 8% every quarter of the next financial year and addition of the new revenue in the MCG trust account which is membership fee revenue. There is some capital expenditure forecasted for the trust in the upcoming financial year, and all these forecasted capital expenditures are assumed to be distributed or fulfilled in the first quarter of the next financial year. The only assumed capital expenditure which is expected to equally distributed in the four quarters of the next financial year is the expansion of the new stadium as the development of the stadium usually takes at least one operating year to complete. After taking all these assumptions into account and the financial data are given in the brief and annual report of the MCG Trust, it is forecasted net income before tax obligation is $456149 and the forecasted tax obligation is $4107651 as the trust is exempted from the income tax and only tax applicable to MCG trust is GST which calculated at 10%.

6. Operational Budget

Operating Budget

Particulars

Quarter 1

Quarter 2

Quarter 3

Quarter 4

Total


Amount ($)

Amount ($)

Amount ($)

Amount ($)

Amount ($)







Revenue:






Revenue

1238490

1337569

1444575

1560141

5580775

Add: New Revenue

70750

70750

70750

70750

283000

Total Revenue

1309240

1408319

1515325

1630891

5863775







Expenditure:






Legal Fee

1000

1000

1000

1000

4000

Accounting Fee

1000

1000

1000

1000

4000

Staff Fee

28000

8000

8000

8000

52000

Depreciation

4000

2000

2000

2000

10000

Other Expense

3000

3000

3000

3000

12000

Miscellaneous Expense

3230

31448.4

34924.27

38678.21

108280.9

Total Expense

40230

46448.4

49924.27

53678.21

190280.9

Total Operating Income

1269010

1361871

1465400

1577213

5673494

Tax

126901

136187.1

146540

157721.3

567349.4

Net Profit

1142109

1225684

1318860

1419491

5106144

Table 3: Operating Budget

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7. Strategies to maintain an effective cash flow

There are some effective strategies that the MCG trust to make the cash flow of the trust sustainable, and these strategies will be discussed here. The first cash flow strategy is deducting all capital expenditure from the taxable income of the trust before calculating the tax obligation of the trust. The second cash flow strategy is to use any deferred tax asset or benefit which has not been used until now to reduce the taxable income of the trust. The third cash flow strategy is to identify the revenue for which the tax does not have to pay in the current financial year. All these are the strategies that can increase the net cash flow amount and increase its sustainability.

8. Strategies to manage periodic and end-of-the-year tax obligations

There are some strategies that can be applied to manage periodic and end-of-the-year tax obligations, and these strategies will be discussed here. The first strategy is to pay for the tax obligation arising from any major sporting at that period when this event is being conducted. The second strategy that can be applied to manage the periodic and end-of-the-year tax obligations is paying the operational expense of the business at the end of the year. The third strategy is to identify the activities which fall under the periodic tax obligation and end-of-the-year tax obligations and recording them separately for the data used to calculate the tax obligation of the trust. All these are the strategies that can be used by MCG Trust to manage periodic and end-of-the-year tax obligations.

9. Suggestions for addressing and meeting compliance requirements

There are a few suggestions that have been identified for addressing and meeting compliance requirements. The first suggestion that has been identified for addressing and meeting compliance requirement is installing effective software which calculated the tax obligation of the trust according to the latest changes in the relevant taxation policies in Australia. The second suggestion that has been identified for addressing and meeting compliance requirement is adequately identifying all risky areas of the trust which can create a problem for the trust's financial position in the future and disclose those areas properly. The third suggestion that has been identified for addressing and meeting compliance requirement is to record the financial statement in the most relevant way by using different relevant accounting method like fair accounting method. The fourth suggestion that has been identified for addressing and meeting compliance requirement is prioritising the risk of the business and making an adequate plan for all risky areas with the help of different reserve and provision according to the limit set for then and deducting them from the taxable amount. The fifth suggestion that has been identified for addressing and meeting compliance requirement is making the operation of the MCG and its project as much environmentally sustainable as possible. All these are the suggestions that have been identified for addressing and meeting compliance requirements.

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10. Supporting management process

There few supporting management processes which are needed to have an effective tax plan, and these supporting management processes will be discussed. The first supporting management process which has been identified is the data management process, and this process should be aligned with every activities recording to increase the effectiveness of the tax plan. The second management process is the payroll system, and this is also really important for the effective tax plan to deduct the tax of the employee before paying them. The third management process is inventory system, and this is also a significant management process as it helps the business assess the valuation of the assets of the trust and this help the trust assess the depreciation or amortization of these assets accurately.

The fourth supporting management process is the finance or funding process of the management, and this management process also supports the tax plan as the taxable amount of the trust depend on the amount of repayment of the loan by the trust, the interest expense and many other financing activities like these. The fifth supporting management process is the accounting department, and the accounting department should record the financial transactions effectively keeping in mind all the relevant tax regulation to make the tax plan of the trust effective. The last supporting management process is an internal auditing process, and under this supporting management process, the internal auditing checks whether all management process has followed the statutory requirement needed for tax compliance. All these are the supporting management process of the tax plan.

11. Data sources, verification and record-keeping

The data source of the tax data recording system of the trust, which is mainly automated through effective tax planning, and this increases the reliability of the data sources. The second data sources of this tax plan are the original documents which can verify the financial transaction of the trust, especially those transactions for which the business can get any type of benefits or allowances or deductions. For verification, the trust has to audit the annual report of the trust by an independent auditor or a team of independent auditors' team and also the data recording system has been checked and verified in regular interval to check its effectiveness for tax compliance. The record keeping system of the MCG trust should have adequate security and safety level in it to increase its reliability and to ensure no data manipulation has been done in it. For this purpose, the automatic recording of the data in software which can comply with all taxation compliance is suggested.

12. Processes for monitoring the tax plan

The processes for monitoring the tax plan has to effective to ensure that the tax plan of the MCG trust is effective and able to detect any weakness in it and the different process or procedure that should be used for monitoring the tax plan will be discussed here. The first process is the regular checking and testing of the tax plan to check its effectiveness. The second is assessing the reduction in the effective tax obligation of the trust from the previous year after implementation of the tax plan. The third process is assessing the risk management of the trust after the implementation of the tax plan. The fourth process is checking the cost-effectiveness of the strategies set in the tax plan. The fifth process is checking the sustainability of the tax plan with the trust operation. All these are processes that are conducted for monitoring the effectiveness of the formulated tax plan.

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