Task 3

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Administrative aspects of the taxes identified above including documentation, tax collection and withholding mechanisms, assessments, obligations, rulings, penalties and audits
o Specific and general anti-avoidance tax rules for individual
• Describe the key sources of information and data required to calculate taxable
income
• Describe the key features of organisational policy and procedures relating to the preparation of tax documentation for individual taxpayers • Outline the key accounting principles and practices relevant to the preparation of tax documentation for individual taxpayers
– Verify and gather data – Calculate taxable income – Review compliance
Using the information provided below for 2010 for an individual taxpayer, complete the relevant income tax return form for the current year of income.
You will need to download a copy of the current NAT 2541— 6 — 2010 2010 form from www.ato.gov.au to complete these questions.
Client Information
Name Michael Bennett Tax file number 345654234 Date of birth 24/05/1973 Postal address 14 Homely Gardens, Hamersley WA 6022 Home address As above Occupation Fitter Machinist Daytime phone number (08)97234000 Spouse Jenny Bennett Spouse’s date of birth 01/08/1972 _ Spouse’s income .._ $36150 (Includes 50% portion of bank interest.
Payment summary details

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