Business Tax Checklist

1.    Income 

a.    Income from sales and/or the provision of services

b.    Debtors listing as at 30 June

c.    Creditors as at 30 June

d.    Details of any Government Industry Payments received

e.    Has the income been earned or merely paid in advance (review the contract)?


2.    Rental Properties

a.    Provide details of rental income (Annual Rental Statement from Real Estate Agent)

b.    Details of additional expenses incurred

c.    Details of periods property was rented

d.    Capital costs / Depreciation items

e.    Date of purchase of rental property as per contract


3.    Repairs and maintenance

a.    Details of any repairs and maintenance carried out to any business assets greater than $1,000.


4.    Employees

a.    Copies of PAYG Payment Summaries and PAYG Payment Summary Statement

b.    Single Touch Payroll (STP) finalisation

c.    WorkSafe details i.e. Declaration of Rateable Remuneration

d.    Payroll Tax (If applicable)

e.    Annual reconciliation statements for salary and wages

f.    Information about contributions on employee's behalf relating to superannuation guarantee charge


5.    Petty Cash Expenditure

a.    Petty cash summary and balance at 30 June


6.    Travelling Expenses

a.    Travel diary and other documentation (receipts essential)


7.    Motor vehicles (if used for business purposes)

a.    Log books (must not be more than 5 years old)

b.    Total business kilometres travelled (cents per km.) for the year?

c.    Expenditure on fuel and oil, registration, insurance, tyres, repairs, etc


8.    Bank Accounts & Credit Card

a.    Reconciliation of bank account and credit card accounts

b.    Statement(s) at 30 June


9.    Plant and Property

a.    For assets purchased or sold provide: description, dates, and values of purchase and sale

b.    Business use percentage

c.    Review prior year depreciation schedule for assets that were sold or written off


10.    Capital Gains

a.    Details of any other business or investment assets, acquired on or after 20/09/1985 that were sold

b.    Details of additions / improvements to assets


11.    Fringe Benefits Tax (FBT)

    Were any fringe benefits provided to the employees of the business or their associates? 


12.    Division 7A

Amounts paid lent or forgiven by a private company to certain associated entities (including individuals) are treated as dividends in the name of the entity (person) that receives the benefit of the loan.  If an excluded loan agreement is entered into by a certain time this may prevent the loan from being treated as a dividend.


13.    Loan and liabilities

Statements for all loans owing by the business, with an end of financial year balance and interest paid.


14.    Accelerating Expenditure - Small Business Entity (SBE)

a.     Immediate write off for depreciating assets purchased that cost less than $30,000 each. 


15.    Software 

a.    If you use an accounting package to administer your affairs please provide us with access to your data file for:

  • XERO
  • MYOB
  • QuickBooks
  • Other


16.    Insurance Cover

     Details of policy including name of insurance company, premiums payable, amount of cover.


17.    Financed Plant and Motor Vehicles

a.   Copy of tax invoice(s) and copy of finance contract(s).


18.    Other items

a.    Value of closing stock on hand at 30 June 

b.    Bad debts written off as at 30 June 

c.    Spouse's incomes / children's incomes / investments / interest

d.    Details of income from other sources (e.g.: family trust, partnership)

e.    Has your postal address changed from last tax return?

f.    Do we have your email address?

g.    Do you have any financial goals set?

h.    Have you had a financial review to discuss these?

i.    Do you know we offer mortgage health checks, income protection and estate planning?


19.    Electronic Transfer of Funds

Would you like your refund electronically paid directly into your Bank account? Please provide the following details:

a.    Account Name

b.    BSB Number

c.    Account Number

If you would like to discuss further please contact us:
McNamara and Co - Chartered Accountants, located minutes from the Melbourne CBD
Phone +61 3 9428 1062

Please refer to disclaimer at the bottom of the page.

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