Tax Return work
please work on part B only
New Client Details Form Individual/ Partnership
We would appreciate you taking the time to complete the following details. If you have any questions in relation to the form, please do not hesitate to ask for assistance.
Current Details
Names: Surname
James
First Names
Helen
Title:
Mrs
Tax File Number:
100000002
100000004
Individual TFN
Partnership TFN
ABN:
81 286 605 027
Residential Address:
20 Hay Street
West Perth WA 6000
Business Address:
200 Plain St
Perth WA 6000
Occupation:
Partnership
Business Name:
James Boat Hire
Business Telephone:
Mobile Telephone:
0401 321 126
Home Telephone:
Facsimile:
Email Address:
[emailprotected]
Web Site Address:
Date of Birth:
01/02/1973
Childrens Names And Dates Of Birth:
Are there any special instructions you would like us to note when contacting you?
In partnership with husband Matthew and daughter Lynn James
Thank you for taking the time to complete this form.
Clients Signature/s: Helen James
New Client Details Form – Individual V1-01-11-04
New Client Details Form – Individual V1-01-11-04
New Client Details Form – Individual Page 1 of 1 New Client Details Form Individual/ Partnership
We would appreciate you taking the time to complete the following details. If you have any questions in relation to the form, please do not hesitate to ask for assistance.
Current Details
Names: Surname
James
First Names
Matthew
Title:
Mr
Tax File Number:
100000001
100000004
Individual TFN
Partnership TFN
ABN:
81 286 605 027
Residential Address:
20 Hay Street
West Perth WA 6000
Business Address:
200 Plain St
Perth WA 6000
Occupation:
Partnership
Business Name:
James Boat Hire
Business Telephone:
Mobile Telephone:
0401 321 129
Home Telephone:
Facsimile:
Email Address:
[emailprotected]
Web Site Address:
Date of Birth:
01/08/1971
Childrens Names And Dates Of Birth:
Are there any special instructions you would like us to note when contacting you?
In partnership with wife Helen and daughter Lynn James
Thank you for taking the time to complete this form.
Clients Signature/s: Matt James
New Client Details Form – Individual V1-01-11-04
New Client Details Form – Individual V1-01-11-04
New Client Details Form – Individual Page 1 of 1 Prepare and Administer Tax Documentation for Legal Entities
Prepare and Administer Tax Documentation for Legal Entities
FNSACC601 – Prepare and Administer Tax Documentation for Legal Entities
Final Assessment
Assessment Instructions for the Candidate
Requirements:
Access to a computer loaded with Microsoft Word and Excel
Access to an email system
Calculator
Assessment Conditions:
Your assessment can be completed in the program of your choice such as Microsoft Word or Excel.
It is recommended that on completion of this unit, participants should be able to produce accurate work with not more than threere-submissions.
On completion
Upload your assessment document to the online platform.
Remember to name the document to include the following:Unit name and number – assessment name and number – your name.
Assessment Outcomes
There are only two possible results of any assessment:
Competent
Not yet competent
Competent
An assessment of Competent recognises that you have clearly demonstrated to your assessor that you have current skills and knowledge as outlined in the units of competency for which application was made.
Not Yet Competent
If an assessment of Not Yet Competent is made, the assessor will give you specific feedback as to the reasons for the result. This will also provide information about gaps found in the assessment of competency. You may also discuss options to address the gaps in competency with your assessor.
PART A Theory Questions
(a) Explain how the following have a role in interpretingand applying tax legislation in Australia.
Ensure you include both a description and the role they have in assisting to interpret the legislation.
Public and private rulings and determination
Click or tap here to enter text.
Court and tribunal decisions
Click or tap here to enter text.
(b) Describethe three (3) methods specified by the TPB, for tax agents to manage conflicts of interest
Click or tap here to enter text.
Click or tap here to enter text.
Click or tap here to enter text.
(c) Indicate the supporting documentationthe ATO might ask to be provided,to verify the amounts included in the tax return for each of the following:
Assessable income
Click or tap here to enter text.
Deductions
Click or tap here to enter text.
To establish avalid distribution has been made by a Family Trust,in particular:
The recipient is a beneficiary
Where and when the distribution decided/declared
When and how the distribution was settled (i.e. was it paid or otherwise accounted for).
Click or tap here to enter text.
To establish a complying SMSF has accounted for and correctly included all contributions
(Note: it would not be less than a Tax Agent would require to prepare and lodge the return)
Click or tap here to enter text.
(d) Identify whether the following are considered fringe benefits, giving reasons for your answer.
West Point Motors Pty Ltd is a resident company that owns and operates a car dealership. During the year it provided the following benefits:
Mark, a salesperson, receives the use of a car
Click or tap here to enter text.
Dianne, Marks wife who does not work at the Dealership, receives the use of a car
Click or tap here to enter text.
Geoff, a Director, is given use of a car instead of receiving a Directors Fee
Click or tap here to enter text.
Anne the full time bookkeeper, who works from home 1 day per week and in the office for the remaining 4 days, is given a mobile phone and computer
Click or tap here to enter text.
PART B Practical Activities
You are currently employed as a Tax Agent for a local Accounting Firm (Tax Agent number 12345678). Your clients include individuals (salary & wage earners and sole traders) as well as companies, trusts and partnerships.
The policies and procedures of your firm require you to use the Microsoft Excel templates provided to complete your calculations. The ATO website should be used to verify current tax legislation and to seek advice and guidance.
All client communications should be via email. Client details required to complete the Individual Tax Return are recorded on a new client details form.
QUESTION 1
Hot Pink Batts Pty Ltd manufactures pink batts. The company wishes to use all available small business concessions to minimise taxable income. Hot Pink Batts Pty Ltd has prepared the following Profit & Loss Statement for the 2019 financial year:
$
$
Gross Sales
2,400,000
Less Cost of Goods Sold
Opening Stock
33,000
Purchases and Manufacturing Costs
1,250,000
1,283,000
Closing Stock
-300,000
983,000
Gross Profit
1,417,000
Add Other Income
Diesel Fuel Rebate (Government Subsidy)
3,500
Dividend from American Company Note 1
8,000
Interest Income
2,000
13,500
1,430,500
Expenses
Gross Wages
680,000
Superannuation
62,000
Provisions for Customer Warranty Claims Note 2
30,000
Truck Expenses
31,000
Accounting Depreciation Note 3
60,000
Share of Loss from Partnership with Al Insulation Pty Ltd
13,000
Tax Related Expenditure Note 4
24,000
Other Deductible Expenses
400,000
1,300,000
NET PROFIT BEFORE INCOME TAX
130,500
NOTE 1
Hot Pink Batts Pty Ltd owns shares in an American company. The $8,000 dividend received from this investment is net of $4,000 tax withheld by USA government.
NOTE 2
The amount of warranty expenses paid to customers during the 2019income year was $11,000.
NOTE 3
Decline in Value for tax purposes needs to be determined using the following information:
General SBE Pool Balance at 30 June 2018 $90,000
Purchase of New Machine on 1 December 2018 $ 98,000
Purchase of New Computer on 1 February 2019 $ 900
NOTE 4
Tax related expenditure is comprised of the following:
Payroll Tax $ 7,000
Tax Agent Fees $ 6,000
ATO Penalties $ 4,000
ATO General Interest Charge $ 7,000
NOTE 5
$50,000 of PAYG tax instalments were paid for the 2018/19 income year.
REQUIRED:
Using the templates provided:
(a) Prepare a statement reconciling net profit with taxable income
(b) Calculate the net tax payable by the company for the year, clearly showing all your workings
(c) Who would you consult if you required advice and guidance to determine any income tax related issues?
QUESTION 2
Zany Funds Management Pty Ltd is an investment company. There is a carried forward tax loss of $80,000 from the 2018 financial year. The company has prepared the following Profit &Loss Statement for the 2019 financial year:
Income
Distribution from Unit Trusts Note 1
$ 1,000
Bank Interest
3,500
Unfranked Dividends
6,000
Fully Franked Dividends Note 1
7,000
17,500
Expenses
Accounting fees
7,000
Capital Loss on sale of shares
10,000
Ongoing financial advice
19,000
Other deductible expenses
40,000
76,000
NET LOSS
(58,500)
NOTE 1
The income distribution from the unit trust included $300 of franking credits.
Fully Franked Dividends represents the amount received from non SBE entities.
NOTE 2
One PAYG tax instalment was paid on 28 October 2018 of $11,000 (this related to the 2018/19 tax year)
REQUIRED:
Using the template provided:
(a) Prepare a statement reconciling net profit with taxable income
(b) Calculate net tax payable/refundable
(c) Calculate ALL losses carried forward by the company
QUESTION 3
The Rosy Discretionary Trust has a property investment portfolio. During the 2019income year the Trustee recorded a net trust income of $168,000. All of the income is derived from Australian property investments. The trustee resolved to distribute the net income of the trust as follows:
Rosy (aged 28)
30%
Indiana (Rosy’s sister aged 16)
10%
Sarah (Rosy’s sister aged 16, working full time at Coles since January)
10%
RPM Pty Ltd (Australian resident company – 100% owned by Rosy)
10%
The Robe Soccer Club (non-profit, tax exempt community organisation)
5%
Ben (aged 29) – Rosy’s Friend who is a bankrupt
10%
There was one discretionary distribution made:
$10,000 was paid towards Indiana’s school fees.
The balance was undistributed.
REQUIRED:
Using the templates provided
a) Complete a Distribution schedule
b) Calculate the tax payable by the trustee
QUESTION 4
Wharf and Alexander are father and son. Together they operate a business partnership providing security services. Wharf is aged 45. His son, Alexander aged 20, works full-time in the partnership.
During the 2018 financial year the partnership began business and made a loss of $10,000. This loss was distributed equally between both partners.
The partnership agreement states that all profits and losses will be shared equally after allowing for wages to partners and interest on capital.
During the 2018/19 income year the partnership had the following transactions:
RECEIPTS
Gross Fees
$ 610,000
Business Loan from Wharf
50,000
Gross Bank Interest
1,000
PAYMENTS
Interest on Overdraft
7,000
Interest on Loan from Wharf
5,000
Lease of all Security Systems Equipment owned by Wharf Note 1
50,000
Interest on Capital – Wharf
3,000
Wages to Employees
250,000
Wages to Wharf
40,000
Wages to Alexander
45,000
Superannuation paid for Employees
10,000
Other overheads (deductible)
168,000
NOTE 1
Wharf owns all the security equipment and leases all the equipment to the partnership. Wharf is entitled to a deduction of $34,000 for decline in value of the equipment.
REQUIRED:
Using the templates provided
a) Calculate Net Partnership Income
b) Prepare a Partnership Distribution Statement
c) Calculate Wharfs Taxable Income
d) Calculate Alexander’s Taxable Income
QUESTION 5
Your supervisor has provided you with the following information she has prepared for a client. The partnership consists of three partners;Matthew, Helenand Lynn James, who operate a boat hire business (Industry code 66390).
Partnership Net Income $ $
Assessable Income
Boat Hire Fees 491,000
Less: Deductions
Boat Operating Expenses 54,000
Salaries – employees 36,000
Superannuation – employees 3,000
Rent 41,000
Interest on Loan 1,000
Other Expenses 55,000
Lease of Boats 92,000 282,000
Partnership Net Income 209,000
Assets
Plant and Equipment 20,000
Liabilities
Bank Loan 15,000
DISTRIBUTION – PNI Matthew Lynn Helen TOTAL
Partners Salaries 60,000 18,000 78,000
Interest on Capital 14,000 11,000 6,100 31,100
Interest on Drawings (2,400) (1,800) (1,200) (5,400)
Share of Adj. Net Inc. 52,650 35,100 17,550 105,300
124,250 62,300 22,450 209,000
REQUIRED:
a) Complete the Partnership tax return for 2019
b) Attach a copy of the Partnership tax return to an email to Helen(the nominated contact for the partnership) requesting she sign and return the form for lodgment with the ATO
QUESTION 6
Browns Pty Ltd, an investment company, paid the following dividends to shareholders:
$35,000 fully franked on 15 July 2018
$35,000 fully franked on 15 January 2019
$21,000 unfranked paid on 15 July 2019 (declared on 20 June 2019)
Franking account balance at 30 June 2018 was $8,500 credit
REQUIRED:
Using the template provided:
(a) Prepare a franking account
(b) How much (if any) franking deficit tax will be payable by Browns?
(c) How much of the franking deficit tax can be used to offset future tax liabilities (show calculation)?
DOCUMENTS TO BE UPLOADED
Part A Final Assessment document
Part B Excel spreadsheet – Qu 1, 2, 3, 4, 6
Part B Qu 5 Partnership Return(PDF document)
Part B Qu 5 Email toLyn(screen shot or PDF)
8
Page 11 of 11 Part B Question 1
Part B – Question 1
Note- Please show all workings where necessary and you may use additional space below
Please write your workings/explanations and answers in Blue cells
(a) Prepare a statement reconciling net profit with taxable income
Hot Pink Batts Pty Ltd
Net Profit per Financial Report Amount
$ Write your
Reasons or Workings (if applicable) Enter amount here
$
Net Profit
ADD BACK:
Equals ADJUSTED NET PROFIT – 0
LESS:
Total less amount – 0
Equals TAXABLE INCOME – 0
Tax Payable (Refundable)
(b) Calculate the net tax payable by the company for the year, clearly showing all your workings
Tax on Taxable Income $ 0 – 0
Tax Payable/(Refundable) – 0
Additional Workings (if any)
(c) Who would you consult if you required advice and guidance to determine any income tax related issues?
Write your answers
Tax on Taxable Income $
Part B Question 2
Part B – Question 2
Note- Please show all workings where necessary and you may use additional space below
Please write your workings/explanations and answers in Blue cells
(a) Prepare a statement reconciling net profit with taxable income
Hot Pink Batts Pty Ltd
Net Profit per Financial Report Amount
$ Write your
Reasons or Workings (if applicable) Enter amount here
$
Net Profit
ADD BACK:
Equals ADJUSTED NET PROFIT – 0
LESS: (if any)
Total less amount – 0
Equals TAXABLE INCOME
Tax Payable (Refundable)
(b) Calculate the net tax payable by the company for the year, clearly showing all your workings
Tax on Taxable Income $ – 0
Tax Payable/(Refundable) – 0
(c) Calculate ALL losses carried forward by the company
Carried Losses (if any) Workings (if any) Amount
Total Carry Forward Lossses – 0
Capital Losses (if any) Workings (if any) Amount
Total Capital Carry Forward Lossses – 0
Additional Workings (if any)
Tax on Taxable Income $
Part B Question 3
FNSACC601 – PREPARE AND ADMINISTER TAX RETURNS FOR LEGAL ENTITIES Part B – Question 3
Final Assessment Note- Please show all workings where necessary and you may use additional space below
Please write your workings/explanations and answers in Blue cells
a) Complete a Distribution schedule
Beneficiary Presently Entitled Legal Disability Sections of Act Who is Assessed Amount Distributed
Part B
b) Calculate the tax payable by the trustee
Trustee Show your workings $
On behalf of
Tax on – 0
Medicare Levy – 0
Low Income Tax Offset
$0.00
On behalf of
Tax on
Medicare Levy
Low Income Tax Offset
$0.00
On behalf of
Tax on
Medicare Levy
Low Income Tax Offset
$0.00
On behalf of
Tax on
Medicare Levy
Low Income Tax Offset
$0.00
On behalf of
Tax on
Medicare Levy
Low Income Tax Offset
$0.00
On behalf of
Tax on
Medicare Levy
Low Income Tax Offset
$0.00
On balance
Tax on
Part C Medicare Levy
Low Income Tax Offset
$0.00
Total tax payable by the trustee $0.00
Part B Question 4
Part B – Question 4
Note- Please show all workings where necessary and you may use additional space below
Please write your workings/explanations and answers in Blue cells
a) Calculate Net Partnership Income
Receipt Items Receipt Amount
$ Write your Reasons
or Workings Enter Claimable amount
$
Total Assessable Income – 0
Deductible Expense items Deductible Amount
$ Workings
(show clearly) Enter Claimable amount
$
Total Deductible Expenses – 0
Partnership Net Income – 0
Adjusted Net Income Amount
$ Workings
(show clearly) Enter amount
$
Adjusted Net Income – 0
b) Prepare a Partnership Distribution Statement
Distribution – Partnership Net Income Wharf Alexander TOTAL
– 0 – 0
Share of Adj. Net Inc. – 0 – 0 – 0
Total – 0 – 0 – 0
c) Calculate Wharfs Taxable Income
Workings Amount
Taxable Income – 0
d) Calculate Alexander’s Taxable Income
Workings Amount
Taxable Income – 0
Part B Question 6
Part B – Answer to Q 6
Note- Please show all workings where necessary and you may use additional space below
Please write your workings/explanations and answers in Blue cells
Tax Payable (Refundable)
(a) Franking account
Date Transaction Debit Credit Balance
(b) How much (if any) franking deficit tax will be payable by Browns?
(c)How much of the franking deficit tax can be used to offset future tax liabilities (show calculation below) Page 1Sensitive (when completed)NAT 0659-06.2019
When completing this return
n Print clearly, using a black pen only.
n Use BLOCK LETTERS and print one character in each box.
S M I T H S T
n Place X in all applicable boxes.
Day Month Year Day Month Year
to
Or specify period if part year or approved substitute period.
Partnership information
Notes to help you prepare this tax return
are in the Partnership tax return instructions
2019 (the instructions), available on our
website ato.gov.au
Partnership tax return 2019
Name of partnership
Australian business number (ABN)
Tax file number (TFN)
Have you attached any
other attachments?
Yes No
See the Privacy note in the Taxpayers declaration.
Previous name of partnership
If the partnership name has changed, print the previous name exactly as shown on the last tax return lodged.
Suburb/town State/territory Postcode
Current postal address
If the address has not changed, print it exactly as shown on the last tax return lodged.
Country if not Australia
Postal address on previous tax return
Suburb/town State/territory Postcode
If the address has changed, print the previous address exactly as shown on the last tax return lodged.
Country if not Australia
06590619
Page 2 Sensitive (when completed) PARTNERSHIP TAX RETURN 2019
Interposed entity election status
If the partners have an existing election, write the earliest income year specified.
If the partners are making one or more elections this year, write the earliest income year being specified and
complete an Interposed entity election or revocation 2019 for each election.
If revoking an interposed entity election, print R and complete and attach the Interposed
entity election or revocation 2019.
Final tax return No Yes
1 Description of main business activity
Industry code A
2 Status of business print X at label B1, B2 or B3, whichever is the first applicable option, or leave blank.
Ceased businessMultiple business B1 B2 Commenced business B3
Consolidated subsidiary member
Significant global entity
Z2
G1
Consolidation status print X at label Z2 if applicable
4 Did you sell any goods or services using the internet? Yes NoQ
Full name of the partner to whom notices should be sent
If the partner is an individual print details here.
Surname or family name
First given name Other given names
Title: Mr Mrs Miss Ms Other
If the partner is a company or trust, print details including ABN here.
ABN
Name
Entity status print X at label G1 if applicable
Page 3Sensitive (when completed)PARTNERSHIP TAX RETURN 2019
Partnership TFN
Income excluding foreign income
6 Tax withheld
Credit for tax withheld foreign resident
withholding (excluding capital gains)
.00, ,U
Tax withheld where ABN not quoted .00, ,T
5 Business income and expenses
Total
business income
Income
Gross payments
where ABN not quoted C D
Other business income G H
Assessable
government
industry payments
E F
CODE CODE
Primary production Non-primary production Totals
WHOLE DOLLARS ONLY
Gross payments
subject to foreign
resident withholding
(excluding capital gains)
B
Contractor,
sub-contractor and
commission expenses
C
Superannuation
expenses D
Bad debts F
Lease expenses G
Rent expenses H
Total interest expenses I
Total royalty expenses J
Depreciation expenses K
Motor vehicle
expenses L
Repairs and
maintenance M
All other expenses N
Cost of sales E
OTotal expenses labels P to N
Expenses
Foreign resident
withholding expenses
(excluding capital gains)
P
Reconciliation items
Add: Income
reconciliation
adjustments
A
Add: Expense
reconciliation
adjustments
B
SRQ
Net income or loss
from business
Net small
business income
.00, ,V
CODE
06590719
Page 4 Sensitive (when completed) PARTNERSHIP TAX RETURN 2019
9 Rent Gross rent .00, ,F
Other rental deductions .00, ,H
Interest deductions , ,G
.00
Capital works deductions , ,X
.00
.00, ,Net rent
10 Forestry managed investment scheme income Q .00, ,
J .00, ,
11 Gross interest including Australian Government loan interest
TFN amounts withheld
from gross interest , ,I
.
12 Dividends
TFN amounts withheld
from dividends , ,N
.
K .00, ,Unfranked amount
L .00, ,Franked amount
M .00, ,Franking credit
14 Other Australian income give details
Type of income
O .00, ,,
15 Total of items 5 to 14 .00,, ,Add up the boxes.
8 Partnerships and trusts
Primary production
Distribution from partnerships A .00, ,,
Distributions of foreign income must be included at item 22 or 23.
Share of net income from trusts Z
Deductions relating to
amounts shown at A and Z S
Net primary production amount .00, ,,
.00, ,,
.00, ,,
Share of credits from income
Share of credit for tax withheld
where ABN not quoted
.00, ,C ,
Share of franking credits from
franked distributions
.
, ,D ,
Share of credit for TFN amounts
withheld from interest, dividends
and unit trust distributions
E ., ,,
Share of credit for tax withheld
foreign resident withholding
(excluding capital gains)
.00, ,U ,
Credit for TFN amounts withheld from
payments from closely held trusts , ,O ,
.
Non-primary production
Distribution from partnerships,
less foreign income B
Net non-primary production amount .00, ,,
Deductions relating to
amountsshown at B and R T
.00, ,,
Share of net income from trusts,
lesscapital gains, foreign income
andfranked distributions
R .00, ,,
Franked distributions from trusts F .00, ,,
.00, ,,
Deductions relating to franked
distributions from trusts in label F G
.00, ,,
Page 5Sensitive (when completed)PARTNERSHIP TAX RETURN 2019
Partnership TFN
Deductions
16 Deductions relating to Australian investment income P .00, ,
17 Forestry managed investment scheme deduction D .00, ,
18 Other deductions show only deductions not claimable at any other item
Name of each item of deduction
,
.00
,
.00 Q .00, ,
Amount
,
,
19 Total of items 16 to 18 .00, ,,
20 Net Australian income or loss .00,, ,
Subtract item 19
from item 15. $
Foreign income
If you answered Yes at label S, complete and attach an International dealings schedule 2019.
22 Attributed foreign income
M .00, ,
Listed
country
X .00, ,
Unlisted
country
Did you have overseas branch
operations or a direct or indirect
interest in a foreign trust, foreign
company, controlled foreign entity
ortransferor trust?
Yes NoS
24 Total of items 20 to 23 .00, ,
Total net income or loss
add the boxes. ,
23 Other assessable foreign source income other than income shown at item 22
Also include at label D Australian franking
credits from a New Zealand franking company
that you have received indirectly through a
partnership or trust.
V .00, ,NetB
.00, ,Gross
D .00, ,
Australian franking credits
from a New Zealand
franking company
Z ., ,
Foreign income
tax offset
,
06590819
Page 6 Sensitive (when completed) PARTNERSHIP TAX RETURN 2019
Key financial information
32 All current assets F .00, ,,
33 Total assets G .00, ,,
34 All current liabilities I .00, ,,
35 Total liabilities J .00, ,,
Taxation of financial arrangements
31 Taxation of financial arrangements (TOFA)
Total TOFA gains .00, ,M ,
Total TOFA losses .00, ,N ,
Overseas transactions / thin capitalisation
29 Overseas transactions
Did you directly or indirectly send to, or receive from, one of the countries specified in the
instructions, any funds or property or
Do you have the ability or expectation to control, whether directly or indirectly, the disposition of any
funds, property, assets or investments located in, or located elsewhere but controlled or managed
from one of those countries?
Yes NoC
Transactions with specified countries
Was the aggregate amount of your transactions or dealings with international related parties (including
the value of any property/service transferred or the balance of any loans) greater than $2 million?
Yes NoW
Did the thin capitalisation
provisionsaffectyou? Yes NoO
Interest expenses overseas .00, ,D ,
Royalty expenses overseas .00, ,E ,
If you answered Yes at label W or O or completed D or E, complete and attach the
International dealings schedule 2019.
30 Personal services income
Yes NoNDoes your income include an individuals personal services income?
Did you satisfy the results test in
respectofany individual? Yes NoC
Do you hold a personal services business (PSB)
determination in respect of any individual? Yes NoD
Total amount of PSI included
at item 5 income labels
.00, ,A ,
Total amount of deductions against PSI
included at item 5 expense labels
.00, ,B ,
For any individual for whom you did not satisfy the results test or hold a PSB determination, and each source of their PSI
income yielded less than 80% of their total PSI, indicate if you satisfied any of the following personal services business tests
print X in the appropriate box(es).
Unrelated clients test E1 Employment test E2 Business premises test E3
Page 7Sensitive (when completed)PARTNERSHIP TAX RETURN 2019
48 Small business entity simplified depreciation
A .00, ,Deduction for certain assets
B .00, ,
Deduction for general
smallbusiness pool
49 National rental
affordability scheme F
.
, ,
National rental affordability
scheme tax offset entitlement
Business and professional items
Suburb/town State/territory Postcode
37 Business address of main business
A
36 Business name of main business
The following items must be filled in for all partnerships carrying on a business.
38 Opening stock C .00
.0039 Purchases and other costs B
.0040 Closing stock D
CODE
.0041 Trade debtors E
.0042 Trade creditors H
.0043 Total salary and wage expenses L
CODE
.0044 Payments to associated persons M
.00
45 Fringe benefit
employee
contributions
T
46 Trading stock
election Yes No
47 Capital allowances
$ , ,Other depreciating assets first deducted B ,
.00
$ , ,Intangible depreciating assets first deducted A ,
.00
Depreciating assets first deducted in this income year
Have you self-assessed the
effective life of any of these assets? Yes NoC
$ , ,
Assessable balancing adjustments on the
disposalofintangible depreciating assets F ,
.00
$ , ,Termination value of intangible depreciating assets H ,
.00
$ , ,Termination value of other depreciating assets I ,
.00
$ , ,Total adjustable values at end of income year E ,
.00
$ , ,
Deductible balancing adjustments on the
disposalofintangible depreciating assets G ,
.00
Did you recalculate the effective life for
any of your assets this income year? Yes NoD
For all depreciating assets
$ , ,Deduction for project pool J ,
.00
$ , ,Section 40-880 deduction K ,
.00
Partnership TFN
06590919
Page 8 Sensitive (when completed) PARTNERSHIP TAX RETURN 2019
50 Income tests Net financial investment income or loss .00, ,G
Net rental property income or loss .00, ,H
Statement of distribution
51 Statement of distribution
Note: It is not an offence not to quote a TFN. However, TFNs help the ATO to correctly identify each partners tax records. The ATO
isauthorised by the Income Tax Assessment Act 1936 and the Income Tax Assessment Act 1997 to ask for information on this tax
return. We need this information to help us administer the taxation laws. We may give this information to other government agencies
authorised in taxation law for example, the Australian Bureau of Statistics and the Reserve Bank of Australia.
Date of birth
Day Month Year
Name in full of each partner and TFN or postal address if the partner is a trustee,
including a trustee company, show the name of the trust not the name of the trustee.
PARTNER 1
OR
Tax file number
(TFN)
Australian business
number (ABN)
NON-INDIVIDUAL
INDIVIDUAL
Tax file number (TFN)
Surname or family name
First given name Other given names
Title: Mr Mrs Miss Ms Other
Residential address
Country if outside Australia
Suburb/town State/territory
(Australia only)
Postcode
(Australia only)
Business address
Country if outside Australia
Suburb/town State/territory
(Australia only)
Postcode
(Australia only)
NAME (company, partnership, trust etc.)
Page 9Sensitive (when completed)PARTNERSHIP TAX RETURN 2019
51 Statement of distribution continued
.00, ,CCredit for tax withheld where ABN not quoted
.00, ,F
Credit for tax withheld foreign resident withholding
(excluding capital gains)
.00, ,G
Australian franking credits from
a New Zealand franking company
.00, ,HShare of net small business income
.
, ,DFranking credit
.
, ,ETFN amounts withheld
.
, ,IShare of National rental affordability scheme tax offset
Share of income
.00, ,APrimary production
.00, ,BNon-primary production
.00, ,JShare of net financial investment income or loss
.00, ,KShare of net rental property income or loss
.00, ,MShare of exploration credits
.
, ,O
Share of credit for TFN amounts withheld from
payments from closely held trusts
.00, ,LFranked distributions
PARTNER 1 continued
Page 10 Sensitive (when completed) PARTNERSHIP TAX RETURN 2019
51 Statement of distribution continued
Date of birth
Day Month Year
Name in full of each partner and TFN or postal address if the part
