Answer to Question #54588 in Finance for tinh tinh ng

Question

1. A client wants to claim $300 for work-related expenses and says they might not have spent that amount but because the client has been told that it does not need to be substantiated they will still make the claim. What advice would you provide?

2. Calculate the medical expenses offset for a client who has a total of medical expenses of $5,500 for the financial year. The taxpayer has private medical insurance and received $2,200 in refunds.

3. Tax agents have a responsibility to ensure that their clients’ returns are prepared within the established timelines. What role do timelines have in satisfying client expectations and how would you develop a timeline to fulfil your obligations?

Answer 1

1. If client wants to claim $300 for work-related expenses and says they might not have spent that amount, but they will still make the claim, you should provide an advice not to claim for these expenses.

2. The medical expenses offset for a client who has a total of medical expenses of $5,500 (received $2,200 in refunds) will be 5,500 - 2,200 = 3,300.

3. A timeline is a way of displaying a list of events in chronological order, sometimes described as a project artifact. The role of timelines is to help you provide the services in time to satisfy client expectations.