Case Study Task

Assessment information

You are a tax agent for Royal Watch Ltd and you have been engaged by this company to prepare their 2017/2018 Income Tax Return. You are required to complete all Income Tax Return worksheets (extracted from the ATO Company Tax Return Form) per the instructions below.

Section 1 Prepare the Income Tax Return and working schedules

Step 1: Review Appendix 1 Royal Watch Ltd,

Step 2: Review RWL Income Tax Return workbook, located as additional document

Step 3: In the Depreciation Schedule worksheet (Tab No: 3) calculate and enter the depreciation and balancing adjustments for the tax year 2017/2018

Step 4: In the Franking Account schedule worksheet (Tab No: 4) complete the franking account for the tax year 2017/2018

Step 5: In the Tax Computation schedule worksheet (Tab No: 5) prepare the tax computations for the tax year 2017/2018

Step 6: In the ITR Profit and Loss worksheet (Tab No: 6) complete the financial data for the tax year 2017/2018, by using the information from the Income Statement.

Step 7: In the ITR Reconciliation worksheet (Tab No: 7) prepare the reconciliation to taxable income or loss for the tax year 2017/2018, by using the information from the Tax Computation worksheet.

Step 8: In the ITR Financial Information worksheet (Tab No: 8) enter the financial data for the tax year 2017/2018, by using the information from other schedules.

Step 9: In the ITR Calculation Statement worksheet (Tab No: 9) calculate the tax amount due or refundable for the tax year 2017/2018, by using the information from other schedules.

Case Study Task

Assessment information

You are a tax agent for Royal Watch Ltd and you have been engaged by this company to prepare their 2017/2018 Income Tax Return. You are required to complete all Income Tax Return worksheets (extracted from the ATO Company Tax Return Form) per the instructions below.

Section 1 Prepare the Income Tax Return and working schedules

Step 1: Review Appendix 1 Royal Watch Ltd,

Step 2: Review RWL Income Tax Return workbook, located as additional document

Step 3: In the Depreciation Schedule worksheet (Tab No: 3) calculate and enter the depreciation and balancing adjustments for the tax year 2017/2018

Step 4: In the Franking Account schedule worksheet (Tab No: 4) complete the franking account for the tax year 2017/2018

Step 5: In the Tax Computation schedule worksheet (Tab No: 5) prepare the tax computations for the tax year 2017/2018

Step 6: In the ITR Profit and Loss worksheet (Tab No: 6) complete the financial data for the tax year 2017/2018, by using the information from the Income Statement.

Step 7: In the ITR Reconciliation worksheet (Tab No: 7) prepare the reconciliation to taxable income or loss for the tax year 2017/2018, by using the information from the Tax Computation worksheet.

Step 8: In the ITR Financial Information worksheet (Tab No: 8) enter the financial data for the tax year 2017/2018, by using the information from other schedules.

Step 9: In the ITR Calculation Statement worksheet (Tab No: 9) calculate the tax amount due or refundable for the tax year 2017/2018, by using the information from other schedules.

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