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Latest Accounting News
Hot Issues
Individual Tax Returns – Medical Expenses 2015
Resources on our site to help you and your family.
Retirement Planning becoming more difficult
Salary and Superannuation after the death of an employee
Ambiguity in Shareholder Agreements - what you need to know
Five reasons the RBA will likely cut rates again
Consistency between Income Tax and Business Activity Statements (BAS)
Tax Time Checklist - Individual - 2015
Tax Time Checklist - Company Trust or Partnerships - 2015
Tax Time Checklist - Superannuation Funds - 2015
Change to Early Access Rules
Capital Gains Tax – which year?
SMSFs may be missing out on allowable deductions
Checklist for Employers Year-end
Year-end Tax Planning – Trusts
Year-end Tax Planning – Small Business
Reminders and Tax Strategies for SMSFs pre-year end
Year-end Tax Planning – Individuals
Financial tools your family and friends can use.
Tips and traps for acquiring SMSF assets from related parties
Overtime Payments May Eliminate Claims for Unfair Dismissal
ACCC issues scam warning
SME Dispute Resolution
Land Tax – Victoria
R&D incentives at risk
Articles archive
Quarter 2 April - June 2015
Quarter 1 January - March 2015
Quarter 4 October - December 2014
Quarter 2 of 2004
Prepayments and Capital Acquisitions
Manage Your Own Super?
New Power of Attorney Rules
2004 Tax Checklists: Help Us Help You - Business
2004 Tax Checklist: Help Us Help You - Personal
Year End Tax Planning ? (Short List)
Year End Tax Planning ? (Long List)
Vehicle Log Book ? Electronic Version
Victorian Employers ? New Minimum Conditions
Trading Stock for Retailers and Wholesalers ? Signification Tax Change
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.

  • 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
  • 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.
  • 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.

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