Australian Tax Planning Written Report
Task – Australian Tax Planning Choose an organisation, describe the organisation. If necessary, you can create a hypothetical organisation, but you must describe it in detail as part of the assessment task. Undertake your own research to provide a report in which you: • assess the organisation’s tax liabilities o provide discussions on the different taxes that may or may not be payable by the organisation. You must discuss income tax and capital gains tax as a minimum. • explain how you could optimise the organisation’s tax position by: o identifying the implications of obligations on operations and structures o developing financial management strategies (i.e. consider budgets and cash flows) o analysing trends in tax liabilities to develop a history of obligations and compliance requirements • set out and discuss the process you will use to: o develop and document appropriate management plans, processes and record-keeping systems o create income and expenditure estimates and budgets o implement appropriate tax compliance measures including those that will be used to review compliance • evaluate the organisation’s tax policies. An example of this may be the methods used for valuation and depreciation of the organisation’s assets • evaluate ethical considerations • discuss how internal control is used in the organisation to ensure tax compliance • ensure that in your report you use language that is appropriate to those with cultural differences to yourself. Task 2: Student checklist Before submitting your assessment task, use the checklist below to ensure you have covered all the requirements of the task. Have you selected and described a taxpaying organisation? Have you researched and assessed the organisation’s tax liabilities? Have you identified the implications of obligations on operations and structures? Did you explain how to develop appropriate financial management strategies? Have you analysed trends in tax liabilities? Have you set out the process you will use to develop and document appropriate management plans, processes and record-keeping systems? Have you set out the process you will use to create income and expenditure estimates and budgets? Have you set out the process you will use to implement appropriate tax compliance measures? Have you evaluated the tax policies?