[solved] finish the template and a 2 pages letter(about 700 words)1.Using the EXCEL template provided prepare a set of work papers to enable you to complete the online quiz for this assessment – separate sheets within you EXCEL document as indicated. Include detailed explanations about whether each item is assessable income or gives rise to an allowable deduction. Show all workings explain why you have treated items as you have and provide appropriate authority for your decisions by referencing sections of the legislation case law and/or income tax rulings. NOTE: In professional practice your work papers need to be complete so that they can be reviewed by your supervisor and relied upon in the event of any future audit. They should also be reconciled and cross-referenced to reporting labels on the income tax return. 2.The TEMPLATE of workpapers includes separate sheets for: a. Salary & Wages Income b. Other Income (e.g. interest and dividends) c. Capital Gains d. Deductions e. Rental Property f. Tax calculation g. Letter of advice 3.Tax Payable Offsets & Levies: Include all levies and offsets considered (Medicare Medicare surcharge franking credits tax paid low income rebate private health rebate) and be able to explain why they are or are not applicable and reconciled to the tax return calculation. 4.Organise and use your work papers so that amounts are directly transferrable to items on the Income Tax Return. This will assist you in Handitax. 5.Depreciation calculations can be done using Handitax with the total transferred to the rental property sheet and the schedule of your Income Tax Return. 6.Use Handitax to prepare the income tax return including any relevant schedules for the year ended 30 June 2020. Use your client’s name and the Dummy TFN from the client set up sheet. All other details are to come from the assignment instructions. 7.Write and video a professional letter of advice to your client summarising their tax situation and explaining the important aspects of the items that are included in their tax return and those that have been disregarded. You should include advice to the client about potential improvements to their record keeping and other information that is relevant for future tax planning. It is recommended that you seek help from Student Learning Support to ensure that you have used professional language and your letter is error free. Your letter should be about 3 minutes which is about 2 pages long – comprehensive but concise. If it is too long your client won’t bother watching or reading it (and it will NOT be marked). Your language should be clear and audible and pitched at a level your client will understand. It should not be too technical; your client is unlikely to be interested in which sections of the legislation form the basis of your decisions. Do you need to provide your client with any instructions? 7

[solved] finish the template and a 2 pages letter(about 700 words)1.Using the EXCEL template provided prepare a set of work papers to enable you to complete the online quiz for this assessment – separate sheets within you EXCEL document as indicated. Include detailed explanations about whether each item is assessable income or gives rise to an allowable deduction. Show all workings explain why you have treated items as you have and provide appropriate authority for your decisions by referencing sections of the legislation case law and/or income tax rulings. NOTE: In professional practice your work papers need to be complete so that they can be reviewed by your supervisor and relied upon in the event of any future audit. They should also be reconciled and cross-referenced to reporting labels on the income tax return. 2.The TEMPLATE of workpapers includes separate sheets for: a. Salary & Wages Income b. Other Income (e.g. interest and dividends) c. Capital Gains d. Deductions e. Rental Property f. Tax calculation g. Letter of advice 3.Tax Payable Offsets & Levies: Include all levies and offsets considered (Medicare Medicare surcharge franking credits tax paid low income rebate private health rebate) and be able to explain why they are or are not applicable and reconciled to the tax return calculation. 4.Organise and use your work papers so that amounts are directly transferrable to items on the Income Tax Return. This will assist you in Handitax. 5.Depreciation calculations can be done using Handitax with the total transferred to the rental property sheet and the schedule of your Income Tax Return. 6.Use Handitax to prepare the income tax return including any relevant schedules for the year ended 30 June 2020. Use your client’s name and the Dummy TFN from the client set up sheet. All other details are to come from the assignment instructions. 7.Write and video a professional letter of advice to your client summarising their tax situation and explaining the important aspects of the items that are included in their tax return and those that have been disregarded. You should include advice to the client about potential improvements to their record keeping and other information that is relevant for future tax planning. It is recommended that you seek help from Student Learning Support to ensure that you have used professional language and your letter is error free. Your letter should be about 3 minutes which is about 2 pages long – comprehensive but concise. If it is too long your client won’t bother watching or reading it (and it will NOT be marked). Your language should be clear and audible and pitched at a level your client will understand. It should not be too technical; your client is unlikely to be interested in which sections of the legislation form the basis of your decisions. Do you need to provide your client with any instructions? 7