The assessment task requires you to correctly calculate taxable income, income tax payable and complete an income tax return for a mixed business/sub-newsagency called ALLNews. It gives you the opportunity to:
• Demonstrate an understanding of legal principles and their application, specifically in relation to taxation and case law.
• Interpret the relevant legislation and common law principles and make informed judgements on issues relating to the application of these as they pertain to sole traders.
• Calculate taxable income and tax payable for a sole trader.