| 2004 Tax Checklists: Help Us Help You - Business |
| Your Business Checklist |
Use these handy checklists to make sure you give this office the information we need to prepare your personal and/or business tax return
To ensure the maximum deductions to which you are entitled ? and in consideration of the penalty provisions, please supply FULL details of any claim with supporting documentation. For employee taxpayers and for travel and motor vehicle claims by self-employed taxpayers, documentation must be a receipt, invoice or similar document that contains certain details. For other taxpayers, documentation may comprise receipts, dockets, diary notations or reasonable and supportable estimates.
Income:
Trading income.
Other income eg. rent, interest, royalties.
Primary product subsidies if assessable.
Details of property sold including dates of acquisition and disposal with particular attention to post 19 September 1985 assets.
Dividends including details of franking credits.
Income from foreign sources, including details of foreign taxes paid.
Trust Income.
Stock on hand, work-in-progress.
Deductible Expenses
Accounting FeesLeave Payments
Advertising.
Agents commission.
Annual leave (actually paid not accruals).
Audit Fees.
Bad Debts (actually written off)
Borrowing expenses
Business Trips
Capital Allowances
Car Expenses
Car Parking
Cleaning
Clothing ? Occupation specific
Clothing ? Protective
Clothing ? Compulsory Uniform
Clothing ? Approved non compulsory uniform
Commissions
Conference Expenses
Copyrights, patents and designs
Depreciation
Directors fees
Discharge of mortgage expenses
Discounts allowed
Distributions by co-operatives
Education expenses
Electricity connection costs to income producing buildings
Entertainment of employees (but FBT payable)
Environment protection expenditure
Equipment service fees
Film investment 100% for certain Australian made films (seek advice)
Freight costs
Fringe benefits tax
Fuel and oil
Gifts of $2.00 or more
Gifts to clients but not if entertainment
Gratituities to employees
Hiring charges
Home Office Expenses
Insurance premiums
Interest paid
Leave payments (not accruals)
Legal expenses relating to borrowing or discharge of mortgage
Licenses to operate business
Loss through misappropriation by employees, or by theft unless employed in a domestic nature
Management Expenses
Mortgage discharge expenses
Newspapers for employees particularly share traders and investors
Overseas travel expenses
Payroll tax
Petrol and oil
Postage
Power lighting and heating
Prepaid expenses
Printing and stationery
Professional or business association subs and fees
Rates and taxes on income producing properties
Rebates and discounts given to customers
Rent of business premises
Repairs
Leases preparation, registration or stamping expenses
Lease Payments
Land tax
Investment allowance
Overseas travel diary
Research and Development costs
Retiring allowances paid to ex employees or dependants for past services
Royalties paid
Salaries and wages
Scientific research related to business
Self education expenses if related to employment or business
Seminars
Sickness/Accident premiums
Solicitors fees on revenue account
Stock purchase
Subcontractors
Super Contributions ? subject to age based limits
Telephone Expenses
Tool Replacement
Trade Journals
Travel expenses
Uniform
Primary Producers
Agistment fees
Breeding service fees
Electricity connection costs (10 year write off)
Farm Management Bonds
Fodder
General running costs
Grapevine establishment (written off over 4 years)
Horticultural plantings (effective life)
Land care rebate
Livestock
Power/light/fuel
Rates and land taxes on income producing property
Shearing expenses
Soil conservation, expenditure fully deductible
Telephone lines
Timber access road, cost amortised over lesser of effective life or 25 years
Trading stock ? details of purchases, sales, natural increase, deaths
Veterinary expenses
Water conservation: expenditure written off over 3 years
Water facility expenditure offset
Wool tax
Liabilities:
Lease commitments
New loans taken out during the year and purpose including any new lease or hire purchase agreements, including borrowing costs
Statements from the lending authority detailing the opening and closing balances of existing loans during the financial year and movements during the year
Provisions for long service leave and annual leave (lists required).
Creditors at the end of the financial year (i.e. what you owe).
Details of all transactions with directors, shareholders, beneficiaries and partners.
Accruals.
Assets:
Details of depreciable assets acquired and /or disposed of during the income year including type of asset, date of acquisitions /disposal, consideration paid / received.
Stock on hand and basis of valuation; note obsolete stock.
Work in progress.
Debtors (what people owe you ) at end of financial year.If primary producer, stock numbers and movement details.
Additional Information:
Withholding tax (dividends and interest paid to non-residents) details.
Overseas transactions or interest.
Private companies ? remuneration of directors, shareholders and their relatives.
Advances to shareholders/associates with full details.
Changes to the capital of the company.
Fringe benefits tax paid.
Exchange gains and losses ? realised and unrealised.
Reportable fringe benefits must be reported on PAYG payment summary.
Copies of all activity statements lodged by you during the year and supporting calculations.
1st-June-2004 |
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