Past Year Paper for Fnsacc601A Marking Guide Essay Example

Past Year Paper for Fnsacc601A Marking Guide Essay This archive gives definite direction to assessors or educators as it were. It is to be utilized as a kind of perspective report for checking. It isn't for use as a chronicle archive. It isn't suitable under any conditions to give this report to understudies. About this guide This archive contains guidance for assessors and instructors, to assign checks or results for all the learning exercises for FNSACC601A Prepare complex duty returns.Students must be equipped in every component to pass this evaluation In request to accomplish competency in this appraisal you should meet the necessities set out in the table beneath for each question. Question 1 2 3 4 5 6 7 Marks accessible 15 6 15 10 15 24 100 Mark Required to Achieve Competency 8 3 8 5 8 12 52 The reason for the Marking guide is to guarantee that satisfactory data is accommodated predictable checking to occur. This will help guarantee that Australian Quality Training Framework necessities for appraisal unwavering quality are met. Refer to the data in the footer space of this record to recognize: ? the right Assessment manage this report alludes toâ€the footer data in the Assessment control and comparing Marking guide must match ? regardless of whether you have the most recent adaptation of this Marking guide. 2 LT014090 Workplace Simulation (Test A) Marking Guide, FNSACC601A Edition 1 2  © New South Wales, Department of Education and Training 2011, Version 1, June 2011 Question 1 (15 denotes) a) 7 imprints (deduct 1 imprint for every blunder) Assessable pay Gross pay Bank premium got Deductions Salaries - representatives Superannuation - workers Interest on credit - Sally - Whitehouse fund Other costs General resource pool decrease in esteem 30% of $100,000 Partnership total compensation $ 414,000 2,000 105,000 10,000 3,000 18,000 133,000 30,000 $ 416,000 299,000 117,000 (b) 4 imprints (deduct 1 imprint for each mistake) $ Partnership overall gain, as above Less Salary Harry Sally Interest on capital Ha rry Sally Adjusted total compensation 60,000 40,000 7,000 5,000 $ 117,000 12,000 5,000 Salaries $ Harry Sally PARTNERSHIP DISTRIBUTION STATEMENT Int. on capital $ Adj net gain $ Share of net inc. $ 60,000 7,000 2,500 69,500 40,000 5,000 2,500 47,500 100,000 12,000 5,000 117,000 (c) 4 imprints (deduct 1 imprint for each blunder) Assessable salary Share of organization overall gain Interest of advance to association Share of net capital addition ? ($500,000 320,000) less half rebate Allowable conclusion: Tax deficit conveyed forward from the 2009/multi year Taxable pay $ 47,500 3,000 45,000 95,500 15,000 80,500LT014090 Workplace Simulation (Test A) Marking Guide, FNSACC601A Edition 1 2  © New South Wales, Department of Education and Training 2011, Version 1, June 2011 3 Question 2 (6 denotes) Each part is worth 2 stamps Part An Answer is (e) None of the over one fourth of ($130,000 + $150,000) = $70,000 Answer is (e) None of the abovementioned ($96,000 + $50,000) = $146,000 Answer i s (a) $90,000 ($85,000 + $25,000 $20,000) = $90,000 Part B Part C 4 LT014090 Workplace Simulation (Test A) Marking Guide, FNSACC601A Edition 1 2  © New South Wales, Department of Education and Training 2011, Version 1, June 2011Question 3 (15 denotes) (a) 9 imprints (deduct 1 imprint for each blunder) Assessable Income Employer commitments 125,000 + 20,000+ 15,000 Foreign Income †Canadian trust 40,000 + 10,000 Franked profits †Private Pty Ltd Franking credit †Private Pty Ltd 21,000 x 30/70 Net Capital Gain Franked profits †Listed organizations Franking credits †recorded organizations 24,500 x 30/70 Allowable Deductions Life Insurance Premiums Administration costs $ 160,000 50,000 21,000 9,000 81,000 24,500 10,500 6,000 4,000 356,000 $ 10,000 346,000Net Capital Gain on shares in Private Pty Ltd Gain on shares in ANZ Bank Ltd Gain on shares in Landfill Mining NL Less markdown 1/3 (109,000 †25,000) 45,000 †21,000 135,000 †75,000 30,000 †5, 000 $ 24,000 60,000 25,000 109,000 28,000 81,000 (b) 6 imprints (deduct 1 imprint for every mistake) Tax Payable Tax on exorbitant non-a careful distance (half x 30,000) x 45% annual Tax on commitments with no TFN 5,000 x 46. 5% Tax on low part (346,000 †15,000 †5,000) x 15% Less Franking credit counterbalance Foreign assessment credit PAYG Installments Tax Refundable $ 6,750. 00 2,325. 0 48,900. 00 57,975. 00 (9,000 + 10,500) 19,500. 00 7,500. 00 36,500. 00 63,500. 00 5,525. 00 LT014090 Workplace Simulation (Test A) Marking Guide, FNSACC601A Edition 1 2  © New South Wales, Department of Education and Training 2011, Version 1, June 2011 5 Question 4 (15 denotes) (a) 5 imprints (deduct 1 imprint for each mistake) Beneficiary Present Legal Entitlement Disability Lindy Y N Rock Y Cindy Y N Dot Y Balance n/a Who evaluated Lindy Trustee Cindy Trustee Section(s) material 97 98 97/101 98 99 Amount $ 30,000 20,000 36,000 17,500 16,500 120,000 b) 6 imprints (2 imprints for every trustee appraisal †deduct 1 imprint for each blunder) Tax payable by Trustee Sec 98 Trustee a/c Rock Tax on $20,000 Medicare Levy Less Low Income Offset 15% x (20,000 - 6,000) 10% x (20,000 †18,488) $ 2,100. 00 151. 20 2,251,20 1,500. 00 751. 20 Sec 98 Trustee a/c Dot Tax on $17,500 Medicare Levy Less Low Income Offset 15% x (17,500 - 6,000) underneath limit $ 1,725. 00 Nil 1,725,00 1,500. 00 225. 00 Sec 99 Trustee (balance) Tax on $16,500 15% x (16,500 - 6,000) 1,575. 00 c) 4 imprints (deduct 1 imprint for every mistake) Tax payable by Dot Tax on qualified pay ($30,000) Tax on excepted salary ($17,500) Medicare Levy Less s100 credits (12,450 + 225) Low Income Offset 1500-4% (47,500-30,000) Tax payable 45% x 30,000 15% x (17,500 †6,000) 1. 5% x 47,500 13,500. 00 1,725. 00 712. 50 15,937. 50 12,675. 00 800. 00 13,475. 00 2,462. 50 6 LT014090 Workplace Simulation (Test A) Marking Guide, FNSACC601A Edition 1 2  © New South Wales, Department of Education and Training 20 11, Version 1, June 2011 Question 5 (10 denotes) a) 3 imprints (deduct 1 imprint for every mistake) Retainer †Football Club Trust Distribution †expired bequest Net business salary Interest Excepted assessable pay $ 15,000 6,000 9,700 500 31,200 (10,000 †300) (b) 3 imprints (deduct 1 imprint for every blunder) $ 31,000 2,800 33,800 Income from optional trust Unfranked profits Eligible assessable pay (c) 4 imprints (deduct 1 imprint for every mistake) Tax on excepted pay of $31,200 Tax on qualified pay of $33,800 Medicare demand on $65,000 Less s100 credit Low pay counterbalance 1500-(65,000-30,000) x 4% Tax Payable 15% (31,200-6,000) 45% x 33,800 1. 5% x 65,000 12,915 100 3,780 15,210 975 19,965 13,015 6,950 LT014090 Workplace Simulation (Test A) Marking Guide, FNSACC601A Edition 1 2  © New South Wales, Department of Education and Training 2011, Version 1, June 2011 7 Question 6 (15 denotes) (a) 10 imprints (deduct 1 imprint for every blunder) ASSESSABLE INCOME Gross benefit †domesticated animals exchanging Balancing alteration - PC DEDUCTIONS Rations Rabbit-evidence fence Water office dam Phone lines Agistment Farm the executives stores Other working Costs Decline in esteem $ 585,000 300 $ 585,300 (3 x 20) + (5 x 4) landcare activities 1/3 x 12,000 1/10 x 6,000 54,000 †(3 x 2,000) Laptop PC (