| 2004 Tax Checklists - Use to complete your return |
| 2004 Tax Checklists - Use to complete your return |
2004 INCOME TAX CHECKLIST FOR INDIVIDUALS
Name:????????????????????????????????????.?????..?...
Daytime telephone number:??????????? Email Address:?????????.??..??.
Postal Address:???????????????? Home Address:..???????....???..??
???????????????????????.. ?..???..?????...???..????..??.
???????????????????????.. ???.??..????????????..???
Email: If you would prefer to have your completed Tax Return e-mailed to you, please indicate: Yes / No beside the address for e-mails.
INCOME:
Salary / Wage Earnings
Please describe your main salary / wage occupation:
If you receive a Pension or Benefit from Centrelink, please describe what type of pension or benefit it is:
Attached or N/A To be provided
Attach original PAYG Payment Summary or Summaries (formerly Group Certificate(s)), Pension or Benefit Statement(s) from Centrelink or Superannuation funds for inclusion in your tax return.
Attach copies of any documents you received with your pension or benefit statements.
Termination Payments
Documents received from your employer or the institution concerned are required to be kept, even if they are not included in your tax return. Attached or N/A To be provided
For payments on leaving a job, attach original ?ETP Payment Summary? and/or "Statement of Termination or Superannuation Payment".
If any part of it was "rolled over" attach original "Industry Standard Rollover form?.
Interest
Include current accounts and term deposits, and those closed during the year.
Even if you have not physically received the cash for the interest, it is still to be included in your return. Yes No
Did you receive any interest from banks, building societies, credit unions, tax office etc?
Are these accounts in just your name?
Have you given us just your share of the interest?
Is there any TFN Withholding Tax deducted?
If you have term deposits, please list the details:
Attached or N/A To be provided
Attach copies of the bank notices received at each maturity date.
Dividends
Include dividends actually received in cash and dividends reinvested. Yes No
Did you receive any share dividends?
Are these shares in your own name?
Have you sold any shares during the year?
List details: (or attach list)
Attach copies of all buy and sell documents (if applicable) for the year.
Attach copies of all dividend advice statements for the year.
Distributions
Yes No
Did you receive any distributions from trusts or partnerships during the year?
Were there any tax credits attaching to these?
Attach copies of any relevant documentation
Other Income
Yes No
Did you receive any other income such as: Record details:
Honoraria? ????????????????????????..
Contract income? ????????????????.?????.
Life assurance policies cashed in? ?????????.?????.
Untaxed income? ????????????????.?????..
Other income? ???????????????????????
Attach copies of documentation
Foreign Source Income
Yes No
Did you receive any income from foreign sources, including foreign pensions? List sources:
Attach copies of documentation
Proceeds from Sale of Assets
Yes No
Have you sold any assets during the year?
List details of sales:
Attach copies of documentation
Any Other Income
Yes No
Did you receive any other income during the year not mentioned above?
List details:
HECS
Yes No
Do you have a HECS debt or loan?
List details:
Attach copies of documentation
DEDUCTIONS FOR INDIVIDUALS next page.
DEDUCTIONS IN GENERAL:
What we would like you to do now, using last year?s return:
? Review each of the items claimed last year and update the amounts and descriptions for 2004, if still applicable.
? Make a list of any items that are no longer applicable that we should remove.
? Make a list of things you think might be deductible.
? Provide a copy of your motor vehicle logbook, if you kept one.
? Make a list of depreciable items that you have purchased, sold or disposed of during the year. We will calculate the depreciation for these items.
? Provide copies of documents OR summaries of your information.
? It is our job, of course, to investigate new claims for you, but we are unable to be aware of all the circumstances in a particular job or profession. Conditions also vary from one employer to another. Despite all our profiles and checklists, you are in the best position to know what your job involves and what expenses are incurred.
If you have any questions, just ask us.
SPECIFIC DEDUCTIONS:
Motor vehicle expenses
Yes No
Do you use your car for work purposes, other than just travel between home and work?
Make: ???????..Model?????????? Registration No?????????...
No of Kms travelled for work?????????? Total Kms travelled for year???..?
Running costs $???????????????.. Servicing / repairs $????????
Registration $?????????.... ??????. Insurance $???????????..
If not previously provided:
Date of Purchase ??????????????. Cost $??????????????
Travel expenses
Yes No
Did you travel for work-related conferences etc?
List details including reimbursements:
Did you travel on your employer?s behalf - within Australia?
List details including reimbursements:
Did you travel on your employer?s behalf - Overseas?
List details including reimbursements:
Uniform/Protective clothing expenses
Yes No
Are you required to wear a uniform, occupation specific clothing, or protective clothing?
List details:
For those who work outdoors:
Have you purchased sun-protection creams, hats, other UV protective clothing, sunglasses etc for use at work?
List details:
Self-education expenses
Yes No
Did you have Self-education expenses?
Name of Course and Institution???????????????????????????
How the course relates to your job
??????????.?????????????????????????????..?
???????????????????????????????????????..?.
Expenses ? fees, books, stationery, computer, travel, home study
Details:???????????????????????????????????????????????????????????????????????????
Other work related expenses
Work related means required by your employer for the purposes of earning your income: Yes No
Did you have any other work related expenses? e.g.
Union fees
Overtime meals
Tools
Subscriptions
Briefcase
Calculator
Diary etc.
Seminars
Home office
Are you able to claim for a Home Office/Study?
Previously, claims for home office/study expenses were based upon the floor area of the office/study as a percentage of the total house area.
Home office expenses are now based upon:
actual hours spent in your home office/study on a flat 20 cents/hour to cover electricity, heating/cooling, and
depreciation of office furniture. Depreciation on computers and other office/study equipment is still allowable.
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 still be apportioned on a percentage basis.
Telephone claims are allowable as before.
List details:
Interest and dividend income deductions
Yes No
Did you have any expenses in earning your interest and dividend income, which may be deductible? e.g.
Bank fees,
Interest on loans to finance investments
List details:
Gifts or donations
Yes No
Did you have any gift or donation deductions?
List details:
Pension or Annuity
Yes No
Did you have a Pension or Annuity?
What was the Undeducted Purchase Price of your Pension or Annuity
List details:
Income protection / sickness insurance
Yes No
Did you have Income Protection or Sickness Insurance?
List details:
Cost of Managing Tax Affairs
You may claim the cost of managing your tax affairs ? fees paid.
You can claim travel expenses to visit tax affairs advisors.
Note: We have a record of fees paid to us. Yes No
Did you pay fees to other accountants or financial advisors during the year?
List details:
Did you keep a record of travel expenses to visit tax affairs advisors?
List details:
Any other deductions
List details of any items you are unsure of or would like advice on.
1
2
3
4
5
Tax Offsets (formerly Rebates) etc.
If you are eligible for the Spouse Tax Offset, you will need to tell us of any payments received from Centrelink / FAO by you or your spouse. Yes No
Did you receive any Family Benefit Payments from the Family Assistance Office?
Did your spouse, receive any Family Benefit Payments from the Family Assistance Office?
Spouse Taxable Income
If we do not prepare your spouse?s tax return, advise us of his/her taxable income for 2004. This is required because eligibility for a number of rebates and other items, as well as your liability for Medicare Levy Surcharge depend upon your combined taxable income. This is required information.
It will be treated under the same Privacy Procedures as that applying to our own clients.
What is your spouse?s taxable income?
List details:
Senior Australian Tax Offset
Yes No
Are you eligible for the low income aged persons? or Senior Australian tax offsets?
Superannuation
You may be eligible to claim superannuation amounts actually paid during the year, on behalf of yourself, or your dependent spouse. Yes No
Did you contribute to an employer?s superannuation fund?
List details (total amount paid to?):
Did you contribute to your own superannuation policy?
List details (total amount paid to?):
Attach copies of the premium advices.
Did you contribute money to a superannuation fund on behalf of a dependent spouse, and your spouse?s assessable income is less than $13,800?
List details (total amount paid to?):
Attach copies of the premium advices.
Private Health Insurance
If you have Private Health Insurance, you will receive a Private Health Insurance Statement (s) from your fund. Details of this statement are required for your return. It is essential, therefore, that you provide us with a copy of this statement to claim any applicable rebate or to avoid the application of the Medicare Levy surcharge. We will calculate this for you. Yes No
Do you have Private Health Insurance?
List details:
Attach copies of Private Health Insurance Statement(s)
Medical Expenses
Yes No
Did you pay more than $1,500 for medical, dental, orthodontic, optical, podiatry, physiotherapy, pharmacy etc and hospital expenses from your own pocket, that is, after any Medicare or health fund refunds?
Attach a list or summary:
Medicare Levy
Yes No
Are you eligible for a Medicare Levy reduction or exemption?
List details:
Zone Allowance
Yes No
Did you live in a remote area for more than 181 days?
List 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 2004 Tax Pack published by the Australian Taxation Office for a complete guide.
Alternatively, for further information contact:
Michael Simmons B.Ec FCPA ( FPS) at Simmons & Associates Pty. Ltd.
RENTAL PROPERTIES CHECKLIST 2004:
Name:????????????????????????????????????.?????..
The Tax Office requires a great deal of information concerning Rental Property Income.
Each individual property is to be treated separately on its own schedule.
Yes No
Have you rented out a property at any time during the year?
If Yes please complete the following questions for each property you rented out during the year.
If you rented out more than one property, please copy the questions and answer for each property separately.
If No please go to Business Income Tax Checklist on Page 14
Full address of the property:???????????????????????????.
Date property first became available for rent:??????????????.?????..
Number of weeks property was rented out in the current year:????????????..
If you have purchased a rental property during the year:
Date purchased:????????????????????????????????.
Cost:????????????????????????????????????.....
Attach Solicitors ?Statement of Adjustments?.
Attach documentation Attached To Be provided
Details of rent received / estate agent's statements showing income and expenses.
List Details:
Body corporate fees, Agent's commission, Letting fees, (if not already provided above)
List Details:
Bank (Other) Statement of existing loan(s) to purchase the property. List Details:
Bank (Other) Statement of new loan(s) to purchase the property.
Loan application fees, etc
List Details:
Amount of bank / government fees and charges on the account to which you deposit the rent.
List Details:
Attached To Be provided
Water charges, Council rates and any Land tax paid.
List Details:
Insurance, advertising, postage, stationery, telephone, maintenance, gardening.
List Details:
Details of travel associated with the property, for property inspections, maintenance, banking, etc.
List Details:
Please provide a list of any items purchased for the rental property during the year:
Date Item Cost
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 2004 Tax Pack published by the Australian Taxation Office for a complete guide.
Alternatively, for further information contact:
Michael Simmons B.Ec FCPA (FPS) at Simmons & Associates Pty. Ltd.
BUSINESS & SUPERANNUATION FUND
INCOME TAX CHECKLIST 2004:
Name:????????????????????????????????????.??Business/Fund Name:??.??????????????????????.??????.
Yes No
Did you run a business 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 2004 checklist.
An optional new system of determining taxable income for businesses, called the Simplified Tax System (STS), was introduced from 1 July 2001.
The main features of this optional system are that businesses can
keep their accounts on a cash basis,
estimate trading stock under certain conditions and
apply new capital allowance (depreciation) rules.
We will determine 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 the STS.
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):
Yes
Attached No
To be provided
Have you completed all Business Activity Statements and Instalment Activity Statements?
Attach copies of all completed BASs and IASs, if not lodged by us.
Do 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, do 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
that the amounts entered agree with the amounts on your bank statements
you include details of GST included in each payment.
Yes
Attached No
To be provided
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, 2003 to 30th June, 2004.
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. Such fees, commissions, reimbursements etc should also be shown separately as expenses.
Yes
Attached
No
To be provided
Did you keep a Sales Journal, Invoice Book or Income Summary for the whole year?
Do 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 2004?
If Yes, please list details:
Do the amounts include GST?
If Yes, please provide breakup.
Have you had 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.
Have you received Interest on bank (other) accounts?
If yes, please provide details of the interest, and the bank charges on these accounts.
Are the accounts in just your name?
Have you given us just your share of the interest?
BUSINESS EXPENSES:
Yes
Attached No
To be provided
Did you keep a Payments Book for the whole year?
Do the expense payment amounts include GST?
If Yes, please provide details of GST included in each payment.
Yes
Attached
No
To be provided
Did you owe money to other people, suppliers and utilities as at 30 June 2004?
If Yes, please list details:
Do the amounts include GST?
If Yes, please provide breakup.
Credit Card Statements:
Highlight on your credit card statements any expenses you have paid that are for 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
Do 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:
Do the amounts include GST?
If Yes, please provide breakup
Have you incurred 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.
Do the amounts include GST?
If Yes, please provide breakup
Do you carry Stock?
A stocktake of finished goods, materials, stock and work in progress needs to be taken on 30 June 2004. Stock should be valued at cost to you (not retail) unless its market value is less.
If Yes, please attach stocktake figures.
Have you acquired a new vehicle or item of equipment?
If Yes, please provide details.
Have you claimed 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 or Lease documents.
Also, please advise the date of disposal of any former vehicle or item and trade in value or sale price (indicate GST amount declared on sale).
Yes
Attached
No
To be provided
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. GST amount declared on sale).
Do you have Loans for Business purposes from a bank etc.?
If Yes, please provide Bank Statements on loans for the whole period 1 July 2003 to 30 June 2004.
Are you able to claim for a Home Office/Study?
Previously, claims for home office/study expenses were based upon the floor area of the office/study as a percentage of the total house area.
Home office expenses are now based upon:
actual hours spent in your home office/study on a flat 20 cents/hour to cover electricity, heating/cooling, and
depreciation of office furniture. Depreciation on computers and other office/study equipment is still allowable.
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 still be apportioned on a percentage basis.
Telephone claims are allowable as before.
Have you purchased 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
Have you sold or ceased a business during the year?
We need a complete list of the business equipment / fittings and a copy of the Sale of Business Agreement.
Have you notified the Tax Office you have ceased business and/or cancelled your ABN/GST registration?
If you have not, do you want us to notify the Tax Office?
If Yes, date of cessation of business?
Have you sold 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: Yes
Attached No
To be provided
Have you paid 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 before 5th August 2004.
Yes
Attached
No
To be provided
Have you completed your WorkCover Annual Declaration of Rateable Remuneration?
If Yes please attach a copy.
Have you paid 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 2003 to 30th June 2004.
If No, such superannuation payments must be made before 28th July, 2004 to avoid the SGC levy and losing the deduction for employer contributions.
Yes
Attached No
To be provided
Do 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 2004 Tax Pack published by the Australian Taxation Office for a complete guide.
Alternatively, for further information contact:
Michael Simmons B.Ec FCPA (FPS) at Simmons & Associates Pty. Ltd.
SELF MANAGED SUPERANNUATION FUNDS:
ADDITIONAL REQUIREMENTS
FINAL CHECK: Yes
Attached No
To be provided
Do you have a self-managed superannuation fund?
If Yes, please provide details of
contributions,
relevant bank account statements
deposit books and cheque books
asset details:
fixed interest investment advices
property purchase and sale contracts
share purchase and sale contracts,
dividend and distribution advices.
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 2003 to 30th June 2004.
If No, such superannuation payments must be made before 28th July, 2004 to avoid the SGC levy and losing the deduction for employer contributions.
AUDIT OF SELF MANAGED SUPERANNUATION FUNDS (SMSFs):
Under new Tax Office guidelines, the same accounting firm should not perform both the preparation of the accounts and the audit of the fund. This means we must outsource the audits of all of our SMSF clients. In 2003, we employed specialist SMSF audit firm G F Galbraith & Associates and will do so again this year. If this arrangement is not acceptable to you, please contact Michael.
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. In some cases, we may require photographs of physical items purchased e.g. jewellery, art works etc.
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.
For SMSFs with rental properties, refer to the Rental Properties checklist for the items required.
The audit of the fund is to be completed by 14th May, 2005 or the auditor is bound by the legislation to qualify the audit report.
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 2004 Tax Pack published by the Australian Taxation Office for a complete guide.
Alternatively, for further information contact:
Michael Simmons B.Ec FCPA (FPS) at Simmons & Associates Pty. Ltd.
29th-June-2004 |
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