Accounting on the Central Coast for over 25 years

Annual Tax Return Checklist

1. Individual Tax Returns

Income

Gross salary, wages, allowances, benefits, earnings, tips and director's fees
Income from business activities
PAYG payment summaries (Group certificates)
Any non-cash benefits received
Lump sum and termination payments [All documentation should be provided, including an ETP payment summary from the employer or fund]
Government social security payments, including pensions, unemployment and sickness benefits
Capital gains from CGT asset sales (e.g. shares and real estate) [Information relating to dates and costs associated with acquisition and disposal will be required to determine the capital gain (if any). Remember that individuals, companies, trusts and superannuation funds can save tax if they qualify for the various CGT concessions]
Annuities, including allocated pensions
Income from trusts and partnerships [Statements of distribution should be provided]
Rental income eg: Summary from estate agent and period the property was available for rental
Interest and dividends (franked or unfranked) including any tax deducted [Dividend distribution statement will be required to confirm the dividend received]
All papers regarding buy back of public shares e.g. Coles Myer
Foreign source (employment and pension) income [Details of any foreign tax paid will be required]
Personal services income [Individual contractors who operate through a company or trust can potentially be taxed personally on the income instead of income being taxed at the company or trust level]

Deductions

Investment and property expenses [Carefully detail interest claims]
Professional subscriptions (not including sporting or social clubs)
Expenditure records related to a taxpayer's employment, such as work-related motor vehicles, self-education, protective clothing, uniform expenses and home office expenses
Donations of $2 and over, depending on the recipient
Superannuation contributions made by self-employed persons and those without employer superannuation support
Tax agent's fees and other accounting and tax audit fees associated with managing tax affairs
Special deductions (e.g. Australian films, investment shelters and forestry-type schemes)
Bank fees (where the credit or deposit represents assessable income)
Un-recouped prior year losses
Non-commercial losses [Individuals must satisfy one of four tests to offset losses from certain non-commercial business activities against other income. A prime example is an employee who seeks to offset hobby-type farming or other business losses against salary or investment income]
Sickness and accident insurance premiums, provided the premium incurred is against the loss of income

Rebates

Details of private health insurance, unless the premium is net of the rebate [Statement from health insurance provider will be required to determine entitlement to rebate]
Details of superannuation contributions where no tax deduction can be claimed (maximum rebate of $540 for $3,000 superannuation spouse contribution)
Any changes in dependants [Income of spouse will be required]
Details of any income received in a lump sum which was accrued in earlier income years (e.g. assessable pensions)
Details of medical expenses where the total exceeds $1,500 [Tax offset of 20% available]
Superannuation co-contributions for contributions made by eligible employees [Assessable income must be less than $58,000]
All taxpayers with a dependent child (under 21) or full time dependent student (under 25) should provide full names and dates of birth - Family Tax Benefit might be relevant
Cost of child care since 1st July 2005 from an appropriate supplier and the name of the primary carer registered with Family Assistance Office

If you are a new client to our office a copy of your last income tax return would be useful.

Information Required	Check Box
Accounting Data: Computerised accounts Disk with computerised accounts data Please advise type of Software, version No. & password
Bank Reconciliation Copy of year end bank reconciliation
Bank Accounts All Bank statements for business accounts held for the year being covered Passbooks relating to business accounts Term Deposit Statements for the year
Bank Loans All bank statements for existing or new loans
Credit Cards Credit Card Statements for the year A summary of credit card transactions
Petty Cash Petty Cash Book showing balance A summary of expenses
BAS & Instalment Activity Statements Copies of each Statement for the year Copies of work papers etc. showing how the figures were prepared.
Payroll (Computerised or Manual Wages Book) If June year end please supply a listing of employees earnings for the year comparing to PAYG summaries Leave entitlement reports showing entitlement at year-end. Copies of PAYG payment summaries issued to employees Copies of IAS
Superannuation Please provide details of any spouse contributions
Payroll Tax (monthly wages exceeds $50,000) Please provide a summary of wages, superannuation, sub-contractors
Employee Leave Entitlements (LSL and A/Leave) Please provide the following by employee: - Name, start date, hourly rate, daily hours Amount of annual leave paid for the year (period) by days & dollar value Annual leave owing at the end of the year (period) by days & dollar value
Stock on Hand- please provide A listing of stock (inventory) with values exclusive of GST at the end of the year, valuation method used Any provision for obsolete stock or write-off
Work in Progress -please provide A list of work in progress, exclusive of GST Copies of work papers on how this listing was prepared i.e. by % of job completion, or time spent
Debtors- please provide A aged list of debtors showing the gross amount owed and GST Bad Debts – please provide Details of all debts to be written off
Creditors - please provide A list of creditors showing the gross amount, GST and the expense account it relates to
Insurances- please provide Copies of all insurance policies renewed in the period including business, workers compensation, professional indemnity, motor vehicle insurance etc and any insurance finance details
Prepayments Did you make any payments prior to year (period) end that relate to the following year (period)? I.e. service contracts, rent etc. please provide – copies of invoices/relevant details
Fixed Assets – Purchase Did you purchase any new capital assets during the year? Please provide copies of Invoices or relevant details Did you finance the purchase of the above new assets by way of bank loan, lease, hire purchase, chattel mortgage etc? Please provide details of bank loan, copy of agreement
Fixed Assets – Sale Did you sell, trade in or write off any capital assets during the year? Please provide details of items sold/written off
Investments Did you purchase or sell any new investments during the year? (Shares, property, trusts, others) Please provide all relevant details (purchase/sale contracts, settlement statements, trust distribution statements)
Interest/Dividends/Trust Distributions Received Did you receive any interest / dividend / trust distributions during the year? Please provide all relevant details
Land Tax Please Note: If you own land in NSW other than your principal residence, and the unimproved land value is more than $330,000 Did you own property as at 31st December? If YES: Did you receive a Land Tax Assessment? If NO: please provide details of property and land values
Shareholders Loans/Drawings/Beneficiary Loans Did the business pay for any private expenditure for related parties? Please provide details of payment Is interest charged on any loans to related parties?

Annual Tax Return Checklist

1. Individual Tax Returns

Income

Deductions

Rebates

2. Business Clients