Income Tax Return Checklist – Business
Click here for a printable version of the Business: Company Trust Partnership Tax Return Checklist
Company, Trust or Partnership Tax Return Checklist
Name of taxpayer:
Address:
Preferred Contact No:
Remember where you are uncertain on any aspect of the law in relation to a proposed or completed transaction you can seek a private ruling from the ATO, see the <ATO-Links>
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Information Required |
Information Provided |
Not Applicable |
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Income |
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Accounting information, including trial balance, profit & loss and balance sheet |
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Asset register detailing depreciable assets bought and sold or scrapped during the year |
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Cashbook (if maintained) |
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Copies of sell notes and settlement statements for shares sold (including original contract notes and settlement statements, if possible) |
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Copies of sell notes for units in managed funds sold (including original purchase notes, if possible) |
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Details of any other income such as rental income |
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Details of any other investment income |
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Details of any subsidies, grants or payments received |
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Details of interest and repayments received from shareholders |
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Details of proceeds from disposal of capital assets |
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Managed funds distribution statements, annual tax statements and capital gains statements |
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Dividend statements |
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Deductions |
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Details of advertising and marketing expenses |
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Details of bad debts actually written off during the year |
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Details of bonuses and commissions paid to employees |
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Details of bonuses and commissions paid to external parties |
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Details of bonuses paid to directors |
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Details of borrowing costs for new loans entered into during the year |
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Details of directors’ fees |
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Details of donations of $2 and over to registered charities |
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Details of entertainment expenses |
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Details of expenses associated with establishing, expanding, merging or liquidating the entity that were incurred during the year |
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Details of fringe benefits tax (FBT) paid (please provide FBT return lodged) |
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Details of interest on loans |
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Details of lease expenses for motor vehicles, premises and equipment |
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Details of legal expenses |
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Details of lump sum payments (including retirement and redundancy) |
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Details of motor vehicle expenses |
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Details of prepayments |
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Details of professional subscriptions and journals |
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Details of rates, land taxes and insurance premiums |
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Details of repairs and maintenance |
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Details of research and development activities and expenses |
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Details of royalties paid |
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Details of salaries paid, including fringe benefits (provide pay-as-you-go (PAYG) summaries) |
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Details of superannuation contributions for directors |
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Details of superannuation contributions for employees |
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Details of tax, accounting and audit fees paid |
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Details of any assets purchased, including date of purchase and amount |
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Details of travel expenses (including travel diaries) |
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Balance Sheet – Assets |
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Asset register detailing depreciable assets bought and sold or scrapped during the year |
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Bank statements |
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Cheque book butts and deposit books |
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Copies of confirmation of any units in managed funds purchased |
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Copies of contract notes and settlement statements for any shares purchased |
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Details of any other investments purchased |
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Details of capital assets purchased during the year |
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Details of leases entered into and terminated during the year |
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Details of loans, payments, forgiveness of debts, or provision for use of assets to shareholders or their associates |
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Details of work-in-progress |
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Listing of trade debtors with amounts outstanding |
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Value of stock as at 30 June 2014 (and basis of valuation) |
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Balance Sheet – Liabilities |
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Accrued expenses (eg audit fees and bonuses) and unearned revenue |
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Details of all loans |
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Listing of trade creditors with amounts owing |
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Provision for long service leave and annual leave |
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Statements from the lending authority detailing the opening and closing balances of existing loans during the financial year |
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Balance Sheet – Equity |
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Details of any changes to shareholding |
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Details of loans from shareholders or partners |
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Details of any increase or decrease in reserves |
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Addition Information – Company |
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Auditor’s report (if applicable) |
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Copies of Instalment Activity Statements and/or Business Activity Statements lodged for the income year |
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Copies of minutes of company meetings |
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Details of any share buybacks or share cancellations |
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Additional Information – Trust |
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Copies of Instalment Activity Statements and/or Business Activity Statements lodged for the income year |
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Copies of minutes of trust meetings, in particular distribution resolutions |
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Copy of trust deed or any amendments during year, if not already supplied |
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Details of any units redeemed or issued during the year (for a unit trust) |
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Details of any unpaid present entitlements to beneficiaries or associate private companies |
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Details of any elections, eg family trust election, interposed entity election |
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If a closely held trust, any relevant notices, eg tax file number (TFN) report, trustee beneficiary (TB) statement |
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Additional Information – Partnership |
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Copies of Instalment Activity Statements and/or Business Activity Statements lodged for the income year |
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Copies of minutes of partnership meetings |
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Copy of partnership agreement |
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If the partnership was restructured during the year, please provide details |
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Additional Information – All entities |
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If you have any doubt about any income or expenses that have been received or incurred, bring the documents in with you |
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Any other information that you think is relevant |