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FNSACC603 Implement Tax Plans and Evaluate Tax Obligations,  Mentor Education Australia

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Long Answers :

Question 1. Ethical consideration in the time of preparation of the tax documentation for legal entities under different elements

There are many ethical considerations, and legislative requirements for tax documentation for the legal entity are listed below.

• The ethical consideration under the conflict of interest is CPA should not work for both clients where there is an actual or potential conflict of interest between the two clients.

• For confidentiality, unless there is a legal obligation to disclose the information, any information should not be disclosed without the proper approval of the client to a third party.

• Government tax policy document should be properly studied by the accountant in the time of preparation of tax documentation for entities to have a high level and updated knowledge about the current tax policies.

• Legislation explanation materials should be used by the taxation agent or accountant to understand the significance of each taxation legislation in the preparation of the tax documentation of the entities and also understand the scope and the extent of these legislations.

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• Statutes in time of tax documentation have high relevance as the accountant has ethical consideration of properly interpreting and using different taxation legislation to assess the tax obligation of the legal entity accurately

• Administrative Appeals Tribunal (AAT) publishes it every decision with proper reasons why that decision has been taken to increase the trust and confidence of the common citizen in the working of the AAT (Administrative Appeals Tribunal | Administrative Appeals Tribunal, 2019).

• Commissioner of taxations allow to make the binding ruling and for this reason, if the client is relying on the decision of the commissioner, then he or she should not be penalised for it even in the circumstances where the decision has gone against the client. The ruling in different areas in the taxation is taken by the commissioners like GSTR, Income Tax Ruling and many other areas like these. Some of the ruling which includes the application of tax law to a particular client case and this ruling are private ruling which is made public later on, and these ruling should be taken into consideration in the time of client tax documentation.

Question  2. Explain the critical and key elements of Australian taxation law for each of the following areas, as it relates to tax documentation for legal entities:

There are some key principles of the Australian taxation law, and these principles will be discussed here. The first principle of Australian taxation law is accountable for management and oversight. Under this principle, the roles and responsibilities of the taxation administrations are defined with clarity in Australian tax law. The second principle is recognition of tax risk, and under this principle, the proper control system is in place to minimise the effects of any tax risk.  The third principle is to seek advice, and under this principle, there is a proper system in place to help the individuals seeking advice on different taxation issue. The fourth principle is integrity in reporting, and this stated that tax reporting should show an accurate view of the business. The fifth principle is timely lodgement and payments, and under this principle, it is stated that the tax obligation should be paid in time and in full amount.  The sixth and seventh principle is an ethical and professional and productive working relationship.

The segregation of power in the Australian tax system will have been divided into three parts, and they are legislative, executive and judicial (The separation of powers | ALRC, 2019). The legal system in the Australian tax system includes the Australian government giving power to the Commonwealth to impose different taxation rules and regulation.

According to the Australian tax system, the Australian residents are taxed from the entire income earned from different sources worldwide and the foreign residents are taxed only on the income earned from different sources in the Australian sources.

Some of the elements of the international tax related to the international tax in Australian tax are the Australian citizens has to pay for tax for all their income from different sources even those which are outside Australia, but the foreigner only has to pay tax on the income earned from Australian market sources. The assessable income for the Australian residents starts from $18200 and the assessable income for the foreign residents starts from $1 at a rate of 32.5% (International tax for individuals, 2019). The Deductions, tax rebates and offsets in Australian income tax include deduction or offset due to different reasons and elements, and some of them are health insurance, low-income earners, senior citizens, medical expenses, super income, government benefits and many more elements like these. The tax accounting in the Australian tax system is mainly done by two different methods, and they are accrual basis and cash basis.

Some of the key aspects and principle of Capital Gains Tax (CGT) is that it is not applied to the most personal assets of an individual excluding home car and furniture. Another key aspect is CGT does not apply to the depreciating assets which are used for taxable purpose like machinery. The individuals have to pay the same tax rate under CGT as income tax rate which he pays. Some of the key aspects and principles of fringe benefits tax are that the employee pays it for providing certain benefits to its employees and it does not apply to certain benefits like salaries, super funds, benefits to the volunteers and contractors. The FBT tax rate is 47% (Fringe benefits tax (FBT), 2019).

Some of the critical elements of Goods and Service Tax (GST) will be discussed here. The first element is that the tax rate under it is 10%. The second element under GST is business with a minimum turnover of $75000 has to register under it. For getting fuel tax credit under it, the business has to register under it (Goods and services tax (GST), 2019).

The taxation aspects of superannuation law are that the investment income which comes from the assets supporting the pension is exempted from the superannuation tax, but all other investment funds from a superannuation fund are taxed generally at 15%.

Some of the different aspects of the different taxes identified above will be discussed here. The first aspects are documentation, and under this, the individuals and corporations who are taxable under Australian tax have to send a copy of supporting documents of different elements of Taxable income to ATO like salary, deductions, offsets, medical levy exemptions and many other aspects like these (Supporting documentation, 2019).

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The individuals earning salaries and wages majorly are taxed majorly for these incomes by Pay as you go withholding system where the employer directly deducts the tax expense from the salary of the employee. ATO send the individuals the notice about the itemised account of the amount of tax that a person owes to the authorities on the taxable income. Some of the tax obligations in the Australian tax system are employing people in Australia, withholding tax on the payment made to the foreigners, capital gains and GST. There are two types of rulings in Australia which are private and public rulings. There are a few situations in which ATO charged penalties on different individuals and entities. These situations are making false statements, failure to submit return timely, not withholding the amount required as per the PAYG system and not fulfilling all tax obligations. The tax auditing is done by ATO on a random basis.

Few anti-avoidance rules are in place in the Australian tax system. The Specific Anti-Avoidance Rules look into the transactions from different aspect to see whether any rules or regulation are wrongfully taken advantage of to pay less tax by the individuals and entities. General Anti-Avoidance Rules are applied on transactions which do not fall under Specific Anti-Avoidance Rules and examines under Part IVA of the ITAA 1936 contained rules (tticdn.blob.core.windows.net, 2019).

Question 3. Describe the following key sources of information and taxable transactions data that is required to calculate taxable income:

Some of the sources of information and taxable transaction data of allowable deductions in the Australian tax system are depreciation of assets, capital expenses, repair and maintenance, and many more sources like these.

Some of the sources of information and taxable transaction data of capital gains are gifts, partly paid shares, splits, bonus shares, dividends and any other transaction data sources like these. Also, different proofs that the individuals own the assets like a utility bill (Capital gains - supporting documents, 2019).
Some of the sources of information and taxable transaction data of financial adjustments such as write-offs and revaluations are the document stating the assets original cost and guide for depreciation stated for these assets.

Some of the sources of information and taxable transaction data of income are a salaried slip, the document of the capital disposal, the investment document and many other sources like these.

Some of the sources of information and taxable transaction data of payments are supporting authorised documents of different payments.
Some of the sources of information and taxable transaction data of purchase are authorised to purchase slip or document of the transactions.
Some of the sources of information and taxable transaction data of superannuation payments are payment done for investment backing pensions, other investment detail for superannuation fund and many other facts like these.

Question 4. Describe the key features that should be included in organisational policies and procedures relating to the preparation of tax documentation for legal entities.

Some key features should be included in organisational policies and procedures relating to the preparation of tax documentation for legal entities, and they will be discussed here.  The first feature is the implementation of an effective tax reporting system. The second feature is the complying with different rules and regulation. The third feature is the withholding the required amount under (PAYG system Individuals and the PAYG system, 2019). The fourth feature alignment of the different tax regulation with different business activities to assess the accurate taxable amount of the organisation. The fifth is proper documentation of all supporting documents needed for taxation.

Question 5. Identify and discuss the key accounting principles and practices which are relevant to the preparation of tax documentation, for the different types of legal entities.

There are few accounting principle and practices which are relevant to the preparation of tax documentation, for the different types of legal entities. These accounting principles and practices accrual basis, cash basis, FIFO and many other principles like these.

Question 6. What are the financial management strategies used to optimise tax position?

There are some of the financial management strategies used to optimise the tax position, and they will be discussed here. The first financial management strategy that can be used to optimise the tax position is using the R&D credit to reduce tax obligation. The second financial management strategy that can be used to optimise the tax position is the development of the compensation package of the employee of the organisation in such a way that it gives high tax benefit to the organisation. The third financial management strategy that can be used to optimise the tax position is effective long term investment of the company, which gives high tax benefits.

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Shorts Answers

Question 1. List at least five of the types of taxable transactions that should be used, along with standard accounting techniques, to quantify the history and trends of a legal entity's tax obligations.

The five different types of taxable transactions that should be used, along with  standard accounting techniques, to quantify the history and trends of a legal entity’s
tax  obligations are the employees’ salaries, gain from its capital assets,  revenue from sales of its goods, other incentives to its employees  and raw materials procurement.

Question 2. What can you do with an analysis of the data from current transactions?

By the analysis of the data from the current transactions, the amount of tax liabilities and tax assets can be assessed and understand its impact in overall tax payment of
the entity having that current transaction.

Question 3. Identify at least four of the sources of information that would be accessed, when conducting research, to identify updates or additions to compliance requirements, relevant to maximising a client's benefit.

The four sources of information that would be accessed when conducting the research to identify updates or additions to the compliance requirements, relevant to maximising a client’s benefit are income record of the client, asset management system, manual bills of the clients and charitable transaction of the clients.

Question 4. What data/information would you analyse, relating to taxable transactions, to identify a legal entities tax obligations? List at least six examples.

The data or information that should be analyzed relating to taxable transactions to identify a legal entities tax obligations are  fringe benefit detail that the entity gives to its employee, the revenue record, any capital gain, detail of the net GST payable by the business, property record of the entity and other assets like luxury car details that the business own.

Question 5. What are the methods of determination that could be used to identify, calculate and schedule tax obligations and requirements?

The different method of determination that could be used to identify, calculate and schedule tax obligations and requirements are stock purchase method, cash or non-cash basis, indexation or discount method, accrual basis revenue method and snapshot method.

Question 6. What are the types of implications on tax entity's operations and structure might you identify? List at least four.

The four types of implications on tax entity's operations and structure that has been identified are listed below.
• The type of taxes it has to pay
• To whom the tax liabilities fall under
• When  and how regularly to file for the taxes
• What type of tax reporting should be done

Question 7. What are two types of financial management strategies that could be developed to ensure the alignment of cash flow with incidence and with the schedules of tax obligations?

The two types of financial management strategies that could be developed to ensure the alignment of cash flow with incidence and with the schedules of tax obligations are listed below.
• Assets liabilities matching  management strategy
• Receivable management strategy

Question 8. Why is it essential to develop and implement management process, record-keeping systems and financial management strategies to ensure the maintenance of the audit trail?

There are many factors for which it is becoming essential to develop and implement management process, record-keeping systems and financial management strategies to ensure the maintenance of the audit trail and these reasons will be discussed here. The first reason is to ensure that there is compliance of tax regulation in different activities of the business. The second reason is the minimising fraud or errors in the business. The third reason is maintaining the goodwill of the business in the market.

Question 9. What should be included in the documented management processes?

Some factors should be included in the documented management processes are automation,  adequate security measures, audit trails, the proper control system in reducing data overwriting and annotations and stamps.

Question 10. Explain how using income and expenditure forecasts can assist with estimating future taxation obligations.

The Income and expenditure forecast can assist with estimating future tax obligation as the assessable income of the organisation or individuals can be estimated by deducting the estimated income from the estimated deductible expenditures.

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Question 11. What information will be used to prepare the budget?

There are different types of information used to develop the budget, and they are listed below.
• Historical data of the organisation
• The different research source of information about the market situation in the future
• The forecasted financial performance of the organisation

Question 12. Why is it important to periodically review the budgets?

There are a few reasons for which it is important to review the budgets periodically, and these reasons are listed below.
• To control the cost or expense that exceeding the allocated amount for it.
• To incorporate the new requirement of the business in the budget
• To assess the effectiveness of the existing budget
• To check the goals of the budget and incorporate new goals in it.

Question 13. What types of variances might be identified between actual tax obligations and the tax plan, and analysed to identify errors or required adjustment to the plan?

There are different types of variances discussed below.
• Income variance and under this income can be overvalued or undervalued of assessable income. 
• The fringe benefit obligation occurring from giving different benefit to the employees
• Capital gain tax variance which occurs from the different transaction regarding the disposal of assets or other investments
• Cost variance which occurs due to overvaluation or undervaluation of different cost of the business

Question 14. What are some of the key performance areas in tax compliance which would need to be monitored to evaluate the performance of the tax plans? List at least five examples.

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Some of the key performance areas in tax compliance, which would need to be monitored to evaluate the performance of the tax plans are listed below.
• Regulators do not negatively affect the efficiency of the operation of a regulated organisation.
• Effective and objective communication system with the tax regulator
• The effective management of regulatory risk
• Alignment and streamlining of the compliance and control measures in the organisation (ATO Regulator Performance Framework self-assessment report 2016-17 2019)
• Continuous improvement in the framework of the tax plan to minimise the non-compliance risk.

Question 15. What questions might you use when monitoring or conducting a review of tax documentation to ensure it complies with legislative and professional requirements?

Some of the questions that might be used to monitors or conducting a review of tax documentation to ensure it complies with legislative and professional requirements are listed below.

What accounting practices and principles used by your organisation?

What are the control measures do you take to ensure all financial transaction is recorded in tax reporting of the organisation?

Is there any undisclosed interest of the auditor who is advising the company on the tax compliance?

How is the documentation of the supporting document of tax reporting done in the organisation?

Question 16. Identify six of the common origins of non-compliance that may be identified through an analysis of evidence and used to develop a resolution.

The six of the common origins of non-compliance that may be identified through an analysis of evidence and used to develop a resolution are goodwill calculation, assets valuation, wrong calculation of income or undisclosed income, wrong calculation of Fringe benefit liabilities, wrong valuation of inventory and wrong calculation of the capital gain of the business. 

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