FNS40217 Case Study / Assignment Assessment Task

Subject Information
Course FNS40217 Certificate IV in Accounting and Bookkeeping

Unit[s] of Competency

FNSACC411 Process Business Tax Requirements

Assessment Information for Student
Name of task Practical Assessment
Type of task Case Study
Task Number 1 of 2
Where you will work on your task The Gordon, in class

Time available to complete this assessment 3 weeks Due date 22/05/2020

What you are required
to prepare, do or make This task will require you to establish and maintain processes and prepare and process a business tax return
Specific Assessment requirements (if any) N/A
What skills and knowledge you need to demonstrate • maintain accounting records for taxation purposes
• establish and maintain an administrative process for managing business taxation returns, excluding income tax
• prepare and process business taxation returns using validated data according to Australian taxation requirements
• Key administrative procedures in a financial services organisation or business unit relating to taxation accounting records, and lodgements and returns
Your assessor will provide these resources Case Study Paper, FBT return
You (the student) will need to provide these resources Text book, Computer, Computer Software, Internet Access,
Before you start this task Using a blue or black pen please complete the Student Information section on the Case study/Assignment Coversheet at the back of this assessment. Please write your full name (both first and last name), student identification number, date and sign the sheet.
Note: If questions are on Gordon online, your login is deemed as understanding and acceptance of the student rights and responsibilities and you do not need to complete the form.
To submit this task Your assessment must be submitted with the Case Study/Assignment Coversheet on the back page of this assessment. You must submit this task to your assessor via Gordon Online
Practical Assessment

Your Task
You are the accountant for Yummy Lollies. You have been asked to maintain records for taxation purposes. You will need to determine what tax responsibilities Yummy Lollies has and establish some processes to ensure that all business taxation returns are being prepared and lodged according to tax office requirements.

You have also been asked to prepare the Fringe Benefits Tax Return and have it ready for lodgement.

Case Study Information

Yummy Lollies has been trading for 2 years. They are in the business of selling lollies and confectionary to the general public, and have a store in central Geelong.
The currently trade under the name of Suzy Waters, a sole trader.
The store has an annual turnover of $150,000.
Suzy has 2 employees and pays annual wages of $$65,000
Suzy provides a car to 1 of her staff members, which is also available for private use.

Suzy has come to you for advice and would like answers to the following questions:

1. Suzy would like to ensure she is registered correctly for all business taxes. What tax registrations and responsibilities does she have for Yummy Lollies? Please list each one and explain why she needs to be registered. Note: Your discussion DOES NOT need to include Income Tax

2. Suzy would like to implement administrative processes to address the following:
• Keeping the correct tax records – storage and maintenance
• Ensuring she doesn’t miss any tax lodgement and payment dates.
You are required to come up with at least 2 processes for each of the above to ensure Suzy is complying with Australian tax law.

3. Suzy has asked that you assist her with the lodgement of her first FBT return, which is for the 2019 year. (FBT return form attached) She has provided you with the following information:

A car is provided to Suzy’s employee Angela. Suzy would like you to calculate her FBT liability using the method that gives her the least amount of tax payable, you will therefore need to calculate the liability using both the operating cost and statutory methods.
Cost price of the vehicle $50,000
Date purchased 1 April 2017
Total Kms travelled 75,000km
Business Kms travelled 45,000km
Employee contribution $1,150
Benchmark interest rate 5.2%
Running costs
– Petrol $1,654
– Oil $230
– Repairs $650
– Tyres $400
– Registration $710
– Insurance $1,000
The vehicle was also available for private use every day during the period held.
Using your calculations, and the additional information below you are required to prepare the FBT return
Company Name Yummy Lollies
Industry Food
Address 18 Caramel St Geelong Vic 3220
TFN 465 414 523
ABN 49 616 234 674
Number of employees 2
Instalments paid $5,000
Phone number 52223465
Email address suzy@yummylollies.com.au

Calculation of Operating and Statutory Methods

Copyright Note:

Fringe Benefits Tax (FBT) return 2019
Downloaded from ato.gov.au as per ATO copyright notice

Case Study/ Assignment Coversheet
Student Information
Student’s Name Student ID No.
Student Rights If you have any questions about the assessment outcome you should firstly speak to your trainer. If this conversation does not resolve your concern, you can appeal the decision within ten working days of the date below by sending an email to qualityassurance@gordontafe.edu.au
Student Declaration I certify that the work completed and submitted for this assessment task is my own work and that where other people’s work or contribution is part of this assessment, it has been clearly identified in the assessment and that person’s role or source of the information has been acknowledged.
Student’s Signature Date
Case Study/Assignment checklist (Assessor Use Only)
Performance and Knowledge to be addressed in this task Satisfactory
Yes No
1. maintain accounting records for taxation purposes
2. Establish and maintain an administrative process for managing taxation returns, excluding income tax
3. Prepare and process business taxation returns using validate data according to Australian taxation requirements
4.
5.
6.
Assessment Outcome (Assessor use only)
Attempt Number ☐ First submission
☐ Second submission
☐ Late submission

Reasonable adjustment applied ☐ Not required
☐ Yes (briefly describe)

Outcome ☐ Satisfactory
☐ Unsatisfactory

Feedback
Assessor’s Name Signature Date

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