Past Year Paper for Fnsacc601A Marking Guide Essay Example

Past Year Paper for Fnsacc601A Marking Guide Essay This report gives point by point direction to assessors or educators as it were. It is to be utilized as a source of perspective report for checking. It isn't for use as a chronicle record. It isn't proper under any conditions to give this archive to understudies. About this guide This record contains guidance for assessors and educators, to designate checks or results for all the learning exercises for FNSACC601A Prepare complex duty returns.Students must be skilled in every component to pass this appraisal In request to accomplish competency in this evaluation you should meet the necessities set out in the table underneath 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 motivation behind the Marking guide is to guarantee that sufficient data is accommodated steady checking to occur. This will help guarantee that Australian Quality Training Framework prerequisites for evaluation unwavering qualit y are met.Refer to the data in the footer space of this archive to recognize: ? the right Assessment manage this record alludes toâ€the footer data in the Assessment control and comparing Marking guide must match ? regardless of whether you have the most recent form 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 mistake) Assessable pay Gross pay Bank premium got Deductions Salaries - representatives Superannuation - representatives Interest on credit - Sally - Whitehouse account Other costs General resource pool decrease in esteem 30% of $100,000 Partnership overall gain $ 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 blunder) $ Partnership total compensation, as above Less Salary Harry Sally Intere st on capital Harry 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 overall 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 every blunder) Assessable salary Share of organization total compensation Interest of advance to association Share of net capital increase ? ($500,000 320,000) less half rebate Allowable reasoning: Tax shortfall 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 is (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 every mistake) 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 blunder) Tax Payable Tax on unreasonable non-a careful distance (half x 30,000) x 45% personal Tax on commitments with no TFN 5,000 x 46. 5% Tax on low segment (346,000 †15,000 †5,000) x 15% Less Franking credit counterbalance Foreign expense 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 every mistake) Beneficiary Present Legal Entitlement Disability Lindy Y N Rock Y Cindy Y N Dot Y Balance n/a Who surveyed 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 each trustee evaluation †deduct 1 imprint for every 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) beneath 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 each 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, Departmen t of Education and Training 2011, Version 1, June 2011 Question 5 (10 denotes) a) 3 imprints (deduct 1 imprint for each mistake) Retainer †Football Club Trust Distribution †expired domain 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 each blunder) Tax on excepted pay of $31,200 Tax on qualified pay of $33,800 Medicare demand on $65,000 Less s100 credit Low pay balance 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) ASS ESSABLE INCOME Gross benefit †domesticated animals exchanging Balancing modification - 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 tasks 1/3 x 12,000 1/10 x 6,000 54,000 †(3 x 2,000) Laptop PC (