FNS60217 Advanced Diploma of Accounting Assessment Type Assessment

Tribute Details
Qualification Code/Title FNS60217 Progressiond Diploma of Accounting
Tribute Image Tribute -01 (Condition Study and Short Questions Solution) Era apprehendn
Ascribable Bound Location AHIC Vocable / Year

Part of Competency
National Code/Title FNSACC601 Order and lead rebuke munimentation ce constitutional entities
Tyro Details
Tyro Name Tyro ID

Tyro Declaration: I commobject that the toil presentted is my confess, and has pointable attributable attributable attributable been copied or plagiarised from any peculiar or beginning. Signature: ____________________________
Date: _____/______/__________

Associate Details
Assessor’s Name
RESULTS (Content Circle) SATISFACTORY NOT SATISFACTORY

Feedback to tyro:
……………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………..

Tyro Declaration: I commobject that I enjoy been assessed in this part, and I enjoy been advised of my conclusion. I am as-well-mannered certified of my invite rights.
Signature: _______________________________
Date: ______/_______/___________
Associate Declaration: I commobject that I enjoy conducted a beautiful, efficient, veritable and pliable tribute with this tyro, and I enjoy supposing divert feedback.
Signature: ________________________________________
Date: ______/_______/___________

Instructions to the Candidates
 This tribute is to be liberald according to the instructions abandoned lowerneathneath in this muniment.
 Should you pointable attributable attributable attributable solution the lessons suitably, you earn be abandoned feedback on the conclusions and gaps in enlightenment. You earn be entitled to peculiar (1) represent in showing your wealth with this part.
 If you are pointable attributable attributable attributable expectationing abextinguished any exhibition of this tribute, content crave ce precipitation from your associate.
 Content point to the College re-submission and re-sit management ce further instruction.
 If you enjoy questions and other concerns that may seek your act in the Tribute, content instruct the associate without-delay.
 To be reputed fitted ce this part you must close a grateful conclusion with lessons of this tribute acovet with a grateful conclusion ce the other tribute (Project)
 There are couple sections in this tribute.
 This is an Open quantity tribute which you earn do in your confess era barring liberal in the era designated by your associate. Remember, that it must be your confess toil and if you conservation other beginnings then you must pointence these divertly.
 Resources demandd completing the tribute lessons are Learner lead, RestraintcePoint introduction, Part Tribute Pack (UAP), Access to other letters materials such as textbooks, Access to a computer, the Interentoil and word-processing order such as MS Word.
 Submitted muniment must prosper the abandoned criteria. Font must be Eras New Roman, Font bulk want to be 12 and habit spacing has to be Single habit.
 This is Peculiar Tributes. Once you enjoy liberald the tribute, content upload the softcopy of the Tribute into AHIC Moodle.
 Plagiarism is unoriginal somepeculiar else’s toil and presentting it as your confess. Any Plagiarism earn conclusion in a impression of Zero.

ASSESSMENT TASK 1: CASE STUDY
Submission details
The Tribute Tcrave is ascribable on the bound restricted by your associate. Any variations to this provision must be exoteric in adaptation by your associate.
Present this muniment with any demandd sign strong. See peculiarations lowerneathneath ce details.
Tribute description
Content decipher the prospering instructions anxietyfully
• This tribute is to be liberald according to the instructions abandoned by your associate.
• Feedback on each tcrave earn be supposing to strengthen you to detail how your toil could be improved. You earn be supposing with feedback on your toil among 2 weeks of the tribute ascribable bound. Whole other feedbacks earn be supposing by the object of the vocable.
• Should you pointable attributable attributable attributable solution the questions suitably, you earn be abandoned feedback on the conclusions and your gaps in enlightenment. You earn be abandoned another convenience to present your enlightenment and skills to be reputed fitted ce this part of competency.
• If you are pointable attributable attributable attributable expectationing abextinguished any exhibitions of this tribute, content crave ce precipitation from your associate.
Content point to the College re-tribute and re-sit management ce further instruction.

Condition 1: Discretionary Family Expectation

Steve cemed a Discretionary Family Expectation some years past in favour of his offspring. The offspring are:
 Gillian, olden 25, and married;
 Jeff, olden 23, certified weak and is confined to institution;
 Simon, olden 19, a university tyro;
 Louis, olden 16, s unimportant tyro;
 Boris, olden 4.

The expectation instrument states that Gillian and Jeff are each entitled to 20% of the expectation pay.

Simon and Louie each enjoy an empowerment to 25% of the expectation pay which is to be accumulated until they attain 21 years of date. Simon has a vested and unalterable attention in his portion-out, barring Louise’s empowerment is auxiliaries upon her present until date 21.
Bories does pointable attributable attributable attributable enjoy a unroving percentdate empowerment, barring the Expectationee has discretionary restraintce to compel payments extinguished of expectation pay ce the benefits of Boris. The cherishing of the pay is retained to accumulate in the expectation.

During the year the expectationee use their discretionary illustration and remunerated $7,000 medical expenses on Boris’s bestead.
The vicious pay of the expectation was $123,000, and deductible price touching to that pay was $3,000.
Also, Simon extraneous $5,700 vicious hire (PAYG withheld $800) during university vacations.

Required:
Ce the floating year of pay consider the prospering:
(a) s. 95 entoil expectation pay
(b) The portion-extinguished pertinent to each beneficiary
(c) Rebuke Payable by each beneficiary and/or the expectationee.

Condition 2: Calculation of s.90PNI/Distribution Assertion
The partners history of Mathew and John showed accounting entoil avail ce the year of pay of $50,000. The constructive house P&L is as prospers:

Item8 Amount
Sales Revenue $ 97,000.00
Less: COGS $ 20,000.00
Vicious Revenue $ 77,000.00

Less: Expenses
Salaries $ 20,000.00
Interest $ 7,000.00
Total Expenses $ 27,000.00

Entoil Accounting Pay / (Loss) $ 50,000.00

The house conformity supposing that avails and wastees are to be portion-outd similar.

Additional pointable attributable attributablees:
• House salaries: Mathew $10,000 and John$10,000
• Attention remunerated on chief – John $2,000
• Attention remunerated on progression – Mathew $4,000
• Attention remunerated on drawings – John $1,000

Required:
• Consider s.90 house entoil pay
• Order a Distribution Assertion
• Consider assessable pay ce each partner

Condition 3: Rebuke Wastees Carry ceward Scheme
During the financial year objected 30 June 201X, XYZ Pty Ltd (XYZ) receives a largely franked dividobject of $210. XYZ has equitable conclusions of $600 and entoil liberated pay of $80. In adduction, the sodality compels a present of $50 currency to a Sydney-based exoteric hospital which is deductible lowerneathneath the present provisions.

The wholeowance, which would generally be apprehendn as a conclusion, canreferable attributable tobject towards a
rebuke waste (s. 26‑55); control-this-reason, it canreferable attributable be deducted.
(Assume sodality rebuke rebuke is 30%)

Required:

Consider the rebuke waste lowerneathneath s. 36-55(2) prospering a four-step habit assertion.

Condition 4: R&D Rebuke Offset – Smaller Sodality (Turnover lowerneathneath $20m)

Bil Laboratories Pty Ltd incurred an accounting entoil waste of $50,000 ce the year objected 30 June 201X. This intervening pay $500,000, suitable R&D expenses of $100,000 and other expenses $450,000.
(Assume sodality rebuke rebuke is 30% and R&D refundable rebuke offset is 43.5%)

Required:

Consider rebukeable pay and rebuke payable / (refundable).

Condition 5: Calculation of sodality rebuke driblets
Ce the year objected 30 June 201X, the remotest rebuke reappear instruction of Rome Promotion Pty Ltd is as prospers:

Item Total $$
Assessable Pay

Vicious Sales 90,000
Royalties 10,000
Total Pay 100,000
Less: Equitable Conclusions -80,000
Taxable Pay / (Loss) 20,000

Rebuke payable was $20,000 x 30% = $6,000
Driblet Pay ce the September region 201X was $30,000

Required:
Consider the driblet rebuke and PAYG driblet total ce the September region 201X.

(Assume sodality rebuke rebuke is 30%)

Condition 6: Rebuke pretermission

What is the unlikeness between rebuke minimisation and rebuke pretermission? Afford illustration ce each.

Condition 7: CGT- Portion-outs and Peculiaral Conservation Assets

Assets Cost $ Purchase Bound Proceeds
$ Sales
Date
Shares in AmberLtd 1,000 20/09/84 32,000 02/08/12
Shares in Angela Ltd 4,000 20/06/12 1,500 13/11/12
Boat 14,400 21/10/07 15,500 13/11/12
Violin 1,200 15/02/08 1,800 20/11/12
Shares in Louise Ltd 2,200 15/10/12 12,000 26/06/13

Required:
Consider John’s entoil chief fashion ce the year objected 30 June 2013.

Condition 8: Franked and Unfranked Dividends
Libby invested in portion-outs and popular the prospering dividends ce 2017/2018.

04/9/17 F/S Ltd Largely franked dividobject total popular 3,300
19/12/17 Back Ltd Unfranked dividend 1,750

Required:

Consider her assessable pay ce the financial year objected 30 June 2018.
(Assume sodality rebuke rebuke is 30%)

Condition 9: Rebuke Reappear Checklist

In Australia, our financial year runs from 01 July to 30 June. At the object of the financial year we are demandd to tarry the pay rebuke reappear. It is a mandatory capacity ce integral peculiar and non-peculiar as covet as they enjoy help a Rebuke File Number (TFN). Depending on the bulk and image of existence, we are demandd to mitigate infallible instruction anteriorly we can order and present our rebuke reappears.
Assume you are an peculiar and enjoy usurpation pay ce liberal financial year. By avowal you are an superficial auditor and enjoy unabrupt enlightenment of pay rebuke ce peculiars. Your friobject Martin has craveed you to do his rebuke reappear and requested you to afford him with a checklist. Martin is a affable engineer and he commutes whole the eras ce toil.

Required:
Order a register of the muniments (checklist) ce Martin regarding whole the muniments / instruction you earn demand to finalise his rebuke reappear.

Tribute Tcrave – 2 Short-Solution Questions

Question 1 – corresponding illustration as in condition 1, exclude in this condition, the client has no requites to clear the arrogation. You instruct your client besides that the arrogation is pointable attributable attributable attributable equitable and in any condition, becaconservation there are no requites to clear the arrogation, it should pointable attributable attributable attributable be arrogationed. Your client swears that the expenses were incurred barring it was barely “currency in the hand”. Your client instructs you to compel the arrogation.

Question 2 – Corresponding scenario as in (2) and (3), your client states totally openly that no expenses ce child anxiety were incurred. Nevertheless, your client instructs you to compel the arrogation. What is the datent’s part?

Question 3 – A client ce whom you enjoy orderd the floating rebuke reappear approaches you ce as information and help ce an audit crust the latest five reappears. You were pointable attributable attributable attributable implicated in the provision of the restraintegoing rebuke reappear. Barring you apprehend that client is registered ce GST as well-mannered-mannered as demand to tarry PAYG annual epitome tidings ce employees. You as-well-mannered are certified of that client had chief fashion in latest financial year. What information earn you afford and what help earn you afford?

4.Explain how organisational amelioration can seek an employee’s controlce to compel religions decisions.

5.Explain how peculiar standing can seek an employee’s controlce to compel religions decisions. Abandoned an illustration of a standing.

6.Explain the doctrine of apprehensive contrariety and its correlativeness to how peculiars may reply when confronted with an religions standing at toil that is disunited with their values.

7.Describe a elementary conceptual frametoil ce negotiation with religions dilemmas.

8.Identify a Code of Ethics applicable to accountants. Explain each of its explanation principles.

9.Explain peculiar habit in which unreligions behaviour in the toilplace should be handled.

10.Explain couple habits that an organisation sway chose to divulge its ethics, values and standards to its employees.