Based on Case A you will dra1 a business le3er specific to each case in which...

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Based on Case A you will dra1 a business le3er specific to each case in which you will provide advice to op:mise income taxes based on each client's requirements. Topics your advice will relate to including GST, FBT, SBE concessions and various tax planning vehicles by structural or transac:onal planning, including tax evasion. You will need to explain the outcome of tax liabili:es for a case and provide recommenda:ons of the most tax-effec:ve ways to minimise the overall tax liabili:es. In each of your dra1 business le3ers, ensure that you: 1. Apply the relevant legisla:on and/or case law to each of the case ques:ons. Include correct sec:on numbers and/or case names and/or ATO determina:on legisla:on and/or case law. Align references to sec:on numbers and/or case names and/or ATO determina:on legisla:on and/or case law to the client's needs. 2. Provide prac:cal advice in response to each of the case ques:ons with recommenda:ons to your clients based on relevant cases and legisla:on. Include all calcula:ons undertaken to reach final amounts based on each case scenario. Explain the eligibility of the GST input tax credit on meals and car expenses and the op:mal business structure to minimise overall tax liabili:es. (Case Scenario A). Explain the fringe benefits and FBT calcula:ons and eligibility for small business en::es, including the benefits or concessions. (Case Scenario B). Outline appropriate advice and recommenda:ons to each client based on calcula:ons undertaken for each case. 3. Use appropriate language and an appropriate structure to communicate to the clients via the business le3er. You must iden:fy each case by addressing the client's name/s. As you are producing dra1 le3ers, you do not need to use le3erhead from a tax agent firm. Case A - Fabia Stanley Fabia Stanley, aged 41 years, visited your prac:ce to discuss GST-related issues and a possible change in her business structure. She is currently working as a sole trader and olen has to treat various customers to lunches to keep the sales contracts. The lunches are all business related. In addi:on, Fabia uses her private car to drive to the lunch venues. Fabia wishes to claim GST credits on the business lunches and car expenses. Fabia earns $170,000 (net of deduc:ons) from her sole trading business. She wishes to change her business structure from sole trader to another structure commencing on 1 July 2023. She has provided you with the following financial and other family details. Fabia Stanley has the following family members living with her: Jose Stanley: Fabia's spouse, who is 42 years old. Jose is a schoolteacher, earning $80,000. Juan Stanley: Jose's father who is 68 years old. He re:red from his job as a sales manager at Suncorp Bank last year and had no income since. Does not receive any income. Based on Case A you will dra1 a business le3er specific to each case in which you will provide advice to op:mise income taxes based on each client's requirements. Topics your advice will relate to including GST, FBT, SBE concessions and various tax planning vehicles by structural or transac:onal planning, including tax evasion. You will need to explain the outcome of tax liabili:es for a case and provide recommenda:ons of the most tax-effec:ve ways to minimise the overall tax liabili:es. In each of your dra1 business le3ers, ensure that you: 1. Apply the relevant legisla:on and/or case law to each of the case ques:ons. Include correct sec:on numbers and/or case names and/or ATO determina:on legisla:on and/or case law. Align references to sec:on numbers and/or case names and/or ATO determina:on legisla:on and/or case law to the client's needs. 2. Provide prac:cal advice in response to each of the case ques:ons with recommenda:ons to your clients based on relevant cases and legisla:on. Include all calcula:ons undertaken to reach final amounts based on each case scenario. Explain the eligibility of the GST input tax credit on meals and car expenses and the op:mal business structure to minimise overall tax liabili:es. (Case Scenario A). Explain the fringe benefits and FBT calcula:ons and eligibility for small business en::es, including the benefits or concessions. (Case Scenario B). Outline appropriate advice and recommenda:ons to each client based on calcula:ons undertaken for each case. 3. Use appropriate language and an appropriate structure to communicate to the clients via the business le3er. You must iden:fy each case by addressing the client's name/s. As you are producing dra1 le3ers, you do not need to use le3erhead from a tax agent firm. Case A - Fabia Stanley Fabia Stanley, aged 41 years, visited your prac:ce to discuss GST-related issues and a possible change in her business structure. She is currently working as a sole trader and olen has to treat various customers to lunches to keep the sales contracts. The lunches are all business related. In addi:on, Fabia uses her private car to drive to the lunch venues. Fabia wishes to claim GST credits on the business lunches and car expenses. Fabia earns $170,000 (net of deduc:ons) from her sole trading business. She wishes to change her business structure from sole trader to another structure commencing on 1 July 2023. She has provided you with the following financial and other family details. Fabia Stanley has the following family members living with her: Jose Stanley: Fabia's spouse, who is 42 years old. Jose is a schoolteacher, earning $80,000. Juan Stanley: Jose's father who is 68 years old. He re:red from his job as a sales manager at Suncorp Bank last year and had no income since. Does not receive any income.

Answer rating: 100% (QA)

Business Letter to Fabia Stanley Dear Fabia Thank you for visiting our practice to discuss your business structure and GST claims We understand that youre looking to maximize your tax efficiency and e... View the full answer