Statement of Advice for Corrections to Shallow Waters Pty Limited's 2023 Tax Returns and Activity Statements

Shallow Waters Pty Limited (Shallow) is an Australian resident company that was incorporated during 2021. Initially an investment company with holdings in residential roal estate and shares, Shallow purchased a small restaurant and catering business.

Mal the principal shareholder of Shallow (also employed as restaurant manager), has terminated Travis the company's acwuntant. Mal has bewme aware that Travis has made a range of errors in preparing the 2023 tax Ipqgenenbfor Shallow and requires your assistance.

Mal has provided the following information produced by Travis:

a) 2023 Income Tax Return

b) Additional notes accompanying the income tax return including franking
acmunt

c) June 2023 Business Activity Statement (BAS)

d) Additional notes accompanying the BAS

e) 2023 Fringe Benefits Tax Return

f) Notes and workings accompanying the FBT return

Requirements

Mal has requested that you prepare a statement of advice including:

i) A summary of cnrrections required for each return tax return, business activity
statement, and fringe benefits tax return);

ii) A brief explanation of each correction (also showing workings and calculations)

iii) Correct referencing from legislation in support of each correction (where applicable)

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