2008 BUSINESS & SUPERANNUATION FUND INCOME TAX CHECKLIST: Name:............................................................................................................... Business/Fund Name:.......................................................................................... | | | Did you run a business, have a family trust, investment company or self managed superannuation fund during the year? | | | If Yes, please complete the following checklist. If you ran more than one business for the year, please copy the checklist and answer for each business separately. If No, you have completed the 2008 checklist. |
An optional system of determining taxable income is available for small businesses. We will discuss with you the most advantageous option available to you. Note that for Companies, a full set of financial statements that follow Australian Accounting Standards must still be produced, even though the income tax payable may be determined using an alternative approach. We must comply with the relevant accounting standards for self managed superannuation funds by law. This is so members of funds can compare all superannuation funds based upon the same accounts presentation. The following is a list of the information we require to complete your Financial Statements and Returns. If you do not have copies of the original documents, please provide a summary showing the information requested. Please provide the following for each of your business entities (including self-managed superannuation fund, if applicable): | | | Did you complete all Business Activity Statements and Instalment Activity Statements? Attach copies of all completed BASs and IASs, if not lodged by us. | | | Did you keep a Computerised Cashbook? If yes, please provide electronic file on disk or by email. If you are unsure how to do this, please contact Michael Simmons who can "talk you through" the process. Files that don't work or contain no information cause unnecessary delays and cost you additional fees. | | | Alternatively, did you keep Manual Records? If yes please provide the cheque book butts and deposit books, or manual cash payments book and cash receipts books, for the whole period. If sending cheque butts, please ensure that; - You indicate on the butts what the payments were for
- the butts are legible
- the amounts entered agree with the amounts on your bank statements
- you include details of GST included in each payment.
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| | | Whether you have computerised or manual records, please provide: - Bank Statements or Passbooks for all your accounts (including the account(s) where you deposit your income) covering the whole of the period 1st July, 2007 to 30th June, 2008.
- Where business transactions have used private bank accounts, or vice versa, please supply the relevant bank statements.
- Bank reconciliation if available. Not having all the bank statements is the most common cause of delays in completing returns and incurs unnecessary fees on your part.
- If you have term deposits, please supply the notices received from the bank at each maturity date
| | | | | | BUSINESS INCOME | | | Invoices should be shown at "gross" value - including fees, commissions, reimbursements etc. Indicate whether the amounts include or exclude GST. Such fees, commissions, reimbursements etc should also be shown separately as expenses. | | | Did you keep a Sales Journal, Invoice Book or Income Summary for the whole year? Did the income amounts include GST? If Yes, please provide details of GST included in each invoice. | | | Were you owed money by other people, business clients at 30 June 2007? If Yes, please list details: Did the amounts include GST? If Yes, please provide breakup. | | | Did you have any Bad Debts that have been written off during the year? If Yes, please supply details. Please indicate whether the amount includes or excludes GST and whether a credit for GST was claimed. | | | Did you receive Interest on bank (other) accounts? If yes, please provide details of the interest, and the bank charges on these accounts. Were the accounts in just your name? Have you given us just your share of the interest? | | | | | | | | | BUSINESS EXPENSES: | | | | | | Did you keep a Payments Book for the whole year? Did the expense payment amounts include GST? If Yes, please provide details of GST included in each payment. | | | | | | Did you owe money to other people, suppliers and utilities as at 30 June 2008? If Yes, please list details: Did the amounts include GST? If Yes, please provide breakup. | | | Credit Card Statements: Highlight on your credit card statements any expenses you paid that are business items. Indicate the amount of GST included in the transaction. (Please retain the individual receipts in case you need to substantiate these expenses in the future.) Attach copies of credit card statements | | | Did you pay expenses by Cash? Did you keep a record of expenses paid by cash e.g. petty cash book and the attached receipts? If Yes, please list details: Did the amounts include GST? If Yes, please provide breakup | | | Did you incur Motor Vehicle Expenses related to the business for the year? If Yes, please list details. If these are not available from cheque butts, payments books or petty cash records, please provide a summary. If a motor vehicle logbook is used, please provide it to us. Did the amounts include GST? If Yes, please provide breakup | | | Did you carry Stock? A stocktake of finished goods, materials, stock and work in progress needs to be taken on 30 June 2008. Stock should be valued at cost to you (not retail) unless its market value is less. If Yes, please attach stocktake figures. | | | | | | New Vehicles or Items of Equipment | | | Did you acquire a new vehicle or item of equipment? If Yes, please provide details. Did you claim a GST credit for this item? - Please provide a copy of the invoice or contract.
- If under finance, please provide a copy of the finance agreement, e.g. Hire Purchase, Loan, Chattel Mortgage or Lease documents.
Also, please advise the date of disposal of any former vehicle or item and trade in value or sale price (indicate whether GST amount declared on sale). | | | Did you sell, or otherwise dispose of or cease to use for business purposes, a vehicle or item of equipment? Please advise: - date of disposal of any former vehicle or item
- trade in value or sale price (incl. any GST amount declared on sale).
| | | Did you have Loans for Business purposes from a bank etc.? If Yes, please provide Bank Statements on loans for the whole period 1 July 2007 to 30 June 2008. | | | Were you able to claim for a Home Office/Study? Claims for home office/study expenses can be based upon - the floor area of the office/study as a percentage of the total house/flat/unit area, or
- actual hours spent in your home office/study on a flat 26 cents/hour to cover electricity, heating/cooling
- plus depreciation of office furniture, equipment etc. Depreciation on computers and other office/study equipment is claimable.
Logbooks / diaries of computer, telephone and home office use must be kept to substantiate your claims. If you actually operate a business or work extensively from home, running costs may be apportioned on a percentage basis. Home/mobile telephone claims are also allowable to the extent used for business. | | | Did you purchase a business during the year? If Yes, please provide complete list of the business equipment / fittings and a copy of the Sale of Business Agreement, particularly the schedule showing the business and other details | | | Did you sell or cease a business during the year? We need a complete list of the business equipment / fittings and a copy of the Sale of Business Agreement, particularly the schedule showing the business and other details | | | Did you notify the Tax Office that you have ceased business and/or cancel your ABN/GST registration? If you have not, do you want us to notify the Tax Office? PTO... If Yes, date of cessation of business? | | | Did you sell any assets, shares, units, property etc? If Yes, please provide details of sale, the original cost and date of purchase. It is best (and quickest) to provide us with the purchase and sale documents. | | | | | EMPLOYERS / DIRECTORS / TRUSTEES: | | | Did you pay wages / salaries / benefits to yourself, a relative or other employees? Attach copies of Payment Summaries. If you wish us to complete these for you, provide your blank payment summaries received from the ATO. Alternatively, we hold a supply of blank forms for use. | | | | | | Did you complete your WorkCover Annual Declaration of Rateable Remuneration? If Yes please attach a copy. | | | | | | Did you pay compulsory employer superannuation contributions (minimum 9%) to superannuation funds on behalf of your employees? If Yes, please provide details of amounts actually paid between 1st July 2007 to 30th June 2008. If No, such superannuation payments must be made before 28th July, 2008 to be deductible employer contributions next year, and to avoid the additional SGC levy. | | | | | | Did you provide Fringe Benefits to your yourself, employees or associates? | | | In April, Car and Expense Fringe Benefit Worksheets and Declarations for FBT year 01/04/07 - 31/03/08 were sent to all businesses. If you have not yet returned these, please include them with these checklists. | | | | | | | | | Did you have a private superannuation fund policy with a financial institution? If Yes, please provide details. | | |
IMPORTANT: These Checklists are not exhaustive. Readers should not act solely on the basis of this material. Items herein are general indications only and do not cover every item of detail which may be required in some cases. Changes in legislation may also quickly occur. We therefore recommend that you refer to the 2008 Tax Pack published by the Australian Taxation Office for a complete guide. Alternatively, for further information contact Simmons & Associates Pty Ltd: Michael Simmons BEc FCPA ( FPS) FTIA Christine Teng BComm (Acc) ASA SELF MANAGED SUPERANNUATION FUNDS: ADDITIONAL REQUIREMENTS FINAL CHECK: | | | Did you have a self-managed superannuation fund during the year? If Yes, please provide details of - Contributions
- Relevant Bank Account Statements, showing the 30th June balance - you may need to provide 13 monthly statements
- Deposit books and cheque books or summary of deposits and payments
- Asset details:
- Fixed Interest Investment Advices
- Property Purchase and Sale Contracts
- Share Purchase and Sale Contracts,
- Dividend and Trust Distribution Advices
- Annual Tax Statements from Trusts (usually issued around September / October each year)
- We require all original documents or copies of them. These are required by the auditors of the fund. Costly delays will be caused if we have to ask for them again.
| | | Have you paid compulsory employer superannuation contributions (minimum 9%) to your self-managed superannuation fund on behalf of yourself as an employee? If Yes, please provide details of amounts actually paid between 1st July 2007 to 30th June 2008. If No, such superannuation payments must be made before 28th July, 2008 to be deductible employer contributions next year, and to avoid the additional SGC levy. | | |
AUDIT OF SELF MANAGED SUPERANNUATION FUNDS (SMSFs): Under Professional Standards Legislation, the same accounting firm should not perform both the preparation of the accounts and the audit of the fund. This means we have had to outsource the audits of SMSF clients to specialist SMSF audit firms. When the fund is audited, the existence of assets has to be verified by reference to the relevant financial institution, share registry, titles office etc. Assets such as Real Estate, Shares, Managed Funds etc. must be valued in your fund accounts at market value. Therefore, it assists both us and the auditors greatly if you obtain valuations for real estate every couple of years. Only a market appraisal in writing is required from an estate agent, not a full sworn valuation. For Shares in Listed Companies or Trusts, it makes the audit much simpler if you provide us with your HIN/SRN for each parcel of shares held. We can then verify your holdings and dividends received from the relevant share registry. For SMSFs with Rental Properties, refer to the Rental Properties checklist for the items required. The audit of the fund must be completed before the fund tax return is lodged. If this is not a first return or a return following a previous late lodgment, the audit and lodgment must be completed by 15th May, 2009. If completed after this date, the auditor is bound by the legislation to warn the trustee(s) that the return has been lodged late. IMPORTANT: These Checklists are not exhaustive. Readers should not act solely on the basis of this material. Items herein are general indications only and do not cover every item of detail which may be required in some cases. Changes in legislation may also quickly occur. We therefore recommend that you refer to the 2008 Tax Pack published by the Australian Taxation Office for a complete guide. Alternatively, for further information contact Simmons & Associates Pty Ltd: Michael Simmons BEc FCPA ( FPS) FTIA Chetan Rele CPA Christine Teng BComm (Acc) CPA Tel (03) 9887 9377 Fax (03) 9887 9615 e-mail: info@simmo.com.au
6th-February-2009 |
