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What are Reportable Employer Superannuation Contributions?
Self-managed Super Funds
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Articles
Prepayments and Capital Acquisitions
Manage Your Own Super?
New Power of Attorney Rules
2004 Tax Checklist: Help Us Help You - Personal
Year End Tax Planning ? (Short List)
Year End Tax Planning ? (Long List)
2004 Tax Checklists: Help Us Help You - Business
Vehicle Log Book ? Electronic Version
Trading Stock for Retailers and Wholesalers ? Signification Tax Change
Victorian Employers ? New Minimum Conditions
Food and Entertainment or Seminar Expense
Depreciation ? New Terminology
Prepare For A Fringe Benefits Tax Audit
Restrictions on Bookkeepers Providing Business Activity Statement Services
Financing Arrangements: Input Tax Credits
Lease Residuals ? Motor Vehicles
The New Spam Act
Pyramid Selling Schemes
Partnerships: Commissioner loses Part IVA Case
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 Fees
  • Leave 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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