Assessment Task - Complete a Trust Tax Return: Melbourne Cricket Ground Trust
In this assessment task, you will be preparing a realistic tax return for a given entity using the information you developed in Assessment Task. For the purpose of this assessment task, you will assume the role of a Tax Agent preparing and lodging a tax return on behalf of your client. You client for this task would be "Melbourne Cricket Ground Trust". Copies of Financial Statements of the trust will be provided to you to help you complete the tax return.
With a view to simulate the actual lodgement process, your trainer/assessor will play both the roles of the client (trustee) as well as of the ATO tax officer and provide you with the required information, feedback, and recommendations for enhancing/amending the tax return after you have completed it.
Use the following task flow to help with completion of this assessment task;
- Obtain and review trust's financial statements
- Use the checklist prepared in Assessment Task to ensure that you have all the required information
- Research trust information if needed or consult your trainer/assessor
- Prepare Trust Tax return using ATO's prescribed form (download from ATO website)
- Write a fictitious letter (or an email) to the client advising of tax obligations
- Assuming client's (Trustees) approval and consent, lodge the form to ATO (your trainer/assessor role play)
- Trainer/Assessor (ATO role play) to make further enquiries for request for amendments
- Modify/amend the tax return and submit for final assessment
This task simulates tax preparation and lodgement procedures and should contain realistic lodgement dates and proper completion of the tax return to reflect a real-life practice.
Assessment Criteria -
The following assessment criteria will be used for marking this assessment task. Ensure that you have addressed all of the criteria in your work;
- Gathered and used client information for preparation of annual tax return
- Tax return is completed using the relevant and accurate financial statements as provided by the client (trainer/assessor role play)
- Tax requirements are checked and determined against Trust Tax Preparation Checklist
- Additional information is sourced/discussed with the client (trainer/assessor role play).