(Personal Assistant)
9.00 am Logs on to Accountants Desktop and goes to the Main Menu to check the latest ATO & Other News and Site Updates.  Leaves the site open for the rest of the day for quick access to information. Logs on to Accountants Desktop and goes to the Main Menu to check the latest ATO & Other News and Site Updates.  Leaves the site open for the rest of the day for quick access to information. Logs on to Accountants Desktop and goes to the Main Menu to check the latest ATO & Other News and Site Updates.  Leaves the site open for the rest of the day for quick access to information.
9.10 am Receives an email from a valued small business client who needs help in calculating leave entitlements for one of his employees.  Roger goes to Calculations / Financial Calculations/ Leave Calculator and is able to calculate sick leave, annual leave and long service leave and give the client a copy of the calculations. Commences an annual company job. Goes to Quick Links at the top right hand menu on the home page and prints the checklist Accounts Procedures – Business.  She could also have accessed this form from the Forms menu. Jane gives Kim a shoe box full of receipts and asks her to summarise them. Kim uses the Blank Worksheet from Quick Links on the home page to enter amounts, calculate totals, automatically deduct any private use and keep a record of her calculations.
9.30 am Has a question to ask the ATO but he can’t find his paper copy of the Tax Agent Services Guide for the short key code. Goes to Tax Agent Services (Fast Key Code) Guide under Quick Links on the Home Page. Call from a client asking if he has to lodge a return for the last financial year.  Goes to Lodgment Thresholds under Quick Links on the home page for these thresholds. While summarising the above receipts, Kim notices that some amounts are in a foreign currency.  To convert to Australian dollars, she uses the worksheet at Calculations / Relevant Year / Foreign Currency Worksheet.
10.00 am Receives a call from a client who needs to pay a dividend from his company and wants to find out how much franking credits are available.  Roger opens Calculations / Relevant Year / Tax Provision & Franking Account and enters current year transactions to calculate the maximum fully franked dividend that can be paid. Client attends to seek an estimate of CGT payable on the sale of his home.  It was originally a rental property, then became his main residence during which time he used part of the home to run his business during three separate periods.  Goes to Calculations / Relevant Year / CGT – Property to prepare an estimate. Kim receives a call from a new client who makes an appointment to have his personal return prepared.  He wants to know what information he needs to bring with him.  Kim goes to Forms / Records – Personal Return (short) and emails this checklist to the client.
10.30 am Receives a call from a client who is leasing a new motor vehicle.  He has been told that there are minimum residual values for the lease to be accepted by the ATO.  Roger goes to Rates / Leasing to get those figures. Meets with a client to prepare a personal tax return.  Prints Return Checklist – Personal under Quick Links on the home page to use during the meeting. Roger received a call from a client who has just purchased three negatively-geared rental properties and needs to reduce PAYG Withholding amounts being deducted from her pay. He asks Kim to send the client a request for information needed to prepare the application.  Kim goes to Forms / PAYGW Variation Questionnaire and emails this form to the client.
11.00 am Meets with a new client and looks for financial planning opportunities for the practice.  Uses the checklist at Forms / Interview – Financial Health. Preparing a personal return with hire purchase interest to claim on a structured loan for a car.  Goes to Calculations / Relevant Year / Hire Purchase Schedule – Structured to calculate the interest and borrowing expenses claimable over the life of the loan. Roger has asked Kim to send letters to FBT clients asking for information to prepare their FBT returns.  Jane prepares the letters using Letters / FBT Info Requested and encloses a checklist of potential benefits from Forms / FBT Benefits along with a schedule on which the client should record details of car benefits (Forms / FBT  Car Details).
11.30 am Call from a client who is purchasing an older income producing property.  She wants to know if she can claim Capital Works deductions and at what rate. Roger goes to Rates / Depreciating Assets / Building Write Off Rates to advise on construction dates and write-off rates for claiming this deduction. Receives a call from a client wanting to know if a particular vehicle is exempt from FBT. Goes to Library / Fringe Benefits Tax / Cars / Exemptions to access that information on the ATO website. Client calls wanting to speak with Jane about HELP repayment thresholds.  Jane is busy with a client so Kim goes to Rates / Students / HELP & TSL to advise client on the relevant threshold.
12.00 noon Meets with a client for some tax planning.  Shows him a graphical illustration of the different tax rates applying to various entities, which he gets from Rates / Income Tax / Tax Thermometer. Preparing a personal return for a mining employee.  Being a suburban practice, not many returns are completed for mining employees. Researches the job at Library / Occupation Specific Deductions where there is link to ATO information. A number of assessments were received from the ATO this morning. Kim prepares a letter on their practice management system and inserts standard wording from a template on Accountants Desktop at Letters / Assessments EFT.
12.30 pm Prepares a return for his sister who has used her line of credit to run her business and pay for personal expenses.  Uses Calculations / Relevant Year / Interest – Mixed Loans to calculate interest on up to four different business uses of that loan. Preparing a BAS for a small business client who has just increased wages for husband and wife. Needs to check the new PAYG Withholding amounts so goes to PAYG Withholding Calculator under Quick Links on the home page for a link to the ATO calculator. Roger has reviewed a company return for a new client and noticed an error by the previous accountant.  He asks Kim to download a copy of the amendment form which can completed and faxed to the ATO.  Kim goes to Forms / ATO to lookup and print a copy for Roger.
2.00 pm Call from a client with a number of highly paid workers.  Client asks about the maximum contribution base for SG purposes.  Roger goes to Rates / Superannuation Guarantee / Maximum Contribution Base to look up the maximum quarterly earnings base for the current year. Preparing a return for a client who sold a property which was originally his main residence but was subsequently rented for 9 years.  She needs to know the date from which market value must be used in calculating the cost base. Goes to Dates / Capital Gains Tax / Main Residence. Jane has just completed a set of company accounts and tax returns and asks Kim to prepare a standard invoice for this type of work. Jane goes to Invoices / Accounts Preparation / Company Accounts.
3.00 pm Client drops off her company’s MYOB file to 31 March and wants a projected profit and tax figure for the year.  Goes to Calculations / Relevant Year / Tax Planning – Company to prepare the estimate and do some tax planning. Preparing a BAS for a food retailer and needs to look up the GST status of a number of different food items.  Goes to Library / GST / Food / Search for a link to the ATO website with that information. Jane gives Kim a collection of dividend and tax statements for a retired investor client who is not required to lodge a return but wants to claim a refund of the imputation credits.  Kim goes to Calculations / Relevant Year / Franking Credit Refund Worksheet to prepare the figures for the application form and submits back to Jane for checking.
4.00 pm Reviewing a set of accounts for a butcher prepared by Jane and noticed that goods taken for private use had not been accounted for in the Profit & Loss Statement.  Goes to Rates / Stock / Private Use to determine how much should be shown in the accounts for that year. Preparing an FBT return for a client with several car fringe benefits and other benefits including Expense Payments and Entertainment.  Goes to Calculations / Relevant Year / FBT – Full Calculator to calculate the benefits and produce a summary for the FBT return software. Jane gives Kim 12 monthly real estate agent’s statements for a rental property and asks her to prepare a summary for the tax return.  Kim goes to Calculations / Relevant Year / Rental Income Summary to prepare a summary for the return.
5.00 pm Tomorrow, will be meeting with a new client who owns a farm. Does some research at Library / Industry Guides / Primary Production (ATO link) to prepare himself for the meeting. Preparing a return for a client with overseas travel expenses.  Needs to calculate the maximum amounts that can be claimed without receipts for several destinations.  Goes to Calculations / Year / Travel – Overseas for automatic calculations based on salary range and destinations. Kim receives a fax from the client who wants a PAYG Withholding Variation (see above) with the questionnaire duly completed.  She prepares information for the application using Calculations / Relevant Year / PAYGW Variation – Rent and passes it on to Jane for checking.




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