Carry Out Business Activity and Installment Activity Statement Task

Question: Discuss about theCarry Out Business Activity and Installment for Activity Statement Task. Answer: Introduction: This paper aims to discuss about the provisions stated under Code of Professional Conduct in Australia regarding the income tax return lodging. The discussion is based on a specific situation and with this discussion, it has been tried to provide an advice regarding the income tax return lodging. Advice to the Client Lodging the income tax return on proper time (1st July to 31st October) is very important for an individual lives in Australia, otherwise it causes high amount of penalty to the individual. As per the provisions under income tax return lodging, the tax return for the previous year must be lodge in the assessment year (Ato.gov.au, 2016). However, in order to get an extended deadline, it is important to verify the tax history of the person. Tax return lodging extension may vary from individual to individual. A person can get the tax return extension only if the person has up to date tax affairs and who avails the services of the tax agent. However, if the person has any issue like unlodged income tax return in previous year or outstanding child support debts, The ATO may deny providing extension and in that case the person has to pay penalty (Etax.com.au, 2016). Conclusion In this study, it has been identified that income tax return is needed to be lodged on time that is in between 1st July to 31st October in each year. However, in order to avoid the penalty in late lodging, a person must have updated tax affairs and does not have unlodged report in the previous years. Reference List: Ato.gov.au. (2016). Ato.gov.au. Retrieved 17 August 2016, from https://www.ato.gov.au Etax.com.au. (2016). Etax.com.au. Retrieved 17 August 2016, from https://www.etax.com.au