Problem
a) Identify the client data required to calculate taxable income and allowable deductions; so you can complete the Individual tax return for Lou Tide for 2021/22 including any worksheets necessary (you are required to use the 20FY tax return stationary provided). Ensure this complies with Australian taxation law and ATO rulings and timeframes, accounting principles, and practices, and organisational policies and procedures.
b) Prepare a letter to Lou Tide on their tax agent's letterhead, with advice and full workings of his net tax payable/refund for 2021/22. Include in this letter the required ATO timelines to meet compliance requirements.