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Microsoft Excel

assume that the taxpayer is not entitled to tax offsets other than the franking credit tax offset and the low income and low-and middle-income tax offsets

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Assignment task Prepare a tax calculation worksheet in Microsoft Excel that can be used to determine the net tax amount (amount payable or refund due) for a resident Australian single (unmarried) taxpayer for the 2019/20 income year. Your worksheet must take a set of inputs supplied by the user (as specified below) and calculate the amount payable (or refund due) after considering applicable offsets, levies and credits. You should set out your tax calculation in a statement below or adjacent to the input cells. To keep things simple, you can prepare the worksheet on the basis that the taxpayer: is not a minor or a senior/pensioner; has no dependants; and has no HELP loan debts. Further, you can assume that the taxpayer is not entitled to tax offsets other than: the franking credit tax offset; and the low-income and low-and middle-income tax offsets. Your worksheet should accept as an input whether the taxpayer has private health insurance. If the taxpayer has private health insurance, you can assume that they receive their correct entitlement to the offset by way of reduced insurance premiums through their health provider, so it does not need to be considered as part of your tax calculation. Instructions for completion Set up your worksheet so the user can input the following items/amounts: taxable income; PAYG withholding tax paid;^ franking credit tax offsets; reportable superannuation contributions; reportable fringe benefits total; and whether the taxpayer has an appropriate level of private patient hospital insurance ('Y' for Yes; 'N' for No). ^ These are amounts paid/withheld on behalf of the taxpayer under the PAYG system. (Refer example in FTL text ¶44.4.) Note: No calculations are required for the PAYG withholding amount. The PAYG figure is supplied by the user. The low-income and low-and-middle-income tax offsets (where applicable) are to be part of your worksheet calculations. They are not supplied separately by the user. Marks will be awarded for the accuracy of calculations and clarity of presentation. Keep your design simple. Use colours, borders and highlights where helpful, but stick with a plain, uncluttered design. It should be clear to the user where to supply the relevant inputs (e.g., top or side of page), and tables and workings should appear away from the main tax liability statement. Your spreadsheet should not contain lengthy descriptions or instructions.

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