Small Business Tax Checklist

 What to bring to us:

Business bank statements: Please write your explanations next to the transactions which are not easily identified from the bank statements, e.g. advertising, car services, taxi fare, wages and tools, etc. Provide all of the following:

  • all business bank statements
  • credit card statements
  • term deposit statements
  • Business cheque butts
  • Any other bank statements showing business related income & expenses
  • Accounting software: Trial balance and Profit/Loss statements (if you use them)
  • Excel spread sheets (if any)

 Business Activity Statements – quarterly or annually (If you are registered for GST)

PAYG activity statements – quarterly

 All wages (include yourself) and tax paid:

* Employees’ total wages and tax withhold:

Names Gross pay Tax withhold Allowances Annual leave Tax Superannuation paid
Employee 1
Employee 2
Employee 3
Employee 4
Employee 5
Employee 6

 

* Did you pay contractors and are required to lodge “Taxable Payment Annual Report” to the ATO?

Names Gross pay Tax withhold Registered for GST? ABN Address Phone number
Contractor 1
Contractor 2
Contractor 3
Contractor 4

 

Prior year’s tax return copy

  • Do you have prior year’s tax losses? Please provide a copy of previous year’s tax return if you are a new Client?

 Assets and Depreciating assets

  • List all business assets showing date of purchase, price, description, hire purchase or lease details.
  • Details of any repairs or maintenance to business assets during the tax year.

Business information:

  • Nature of business:
  • Sole trader: Full name. DOB, TFN & address
  • Company: company A.C.N, TFN & registered address and the director’s and shareholders’ details.
  • Partnership: Name, TFN, ABN & address. Partner’s names, DOB, TFN & address.
  • Trust: Name and type of trust, TFN, ABN & address.  Trustee’s details, Beneficiary details

 

Income

Total Income from sales and / or the provision of services

  • Please present:
  • Gross annual income (with and without GST)
  • Reconciled cashbook including drawings taken from the business before banking
  • Debtors listing
  • If you use own accounting softwares, e.g. QuickBooks/ MYOB/Xero, to provide copies of
  • Trial balance and Profit & loss statements

Banks, building societies, investments and term deposit accounts:

  • Bank statements (e.g. everyday account, saver account and business credit card account)

Do you receive any distribution from a partnership or trust?

Rental properties

  • Statements of rental statements or financial year statements from the real estate agents

Share trading statements

  • Statements of shares purchased, sold or held (with price, dates purchased or sold, brokerage/stamp duty)
  • Dividend statements

Disposal of plant and property

  • Dates and values of purchase and sale
  • Provide asset description

Capital Gains

  • Details of any other personal or business assets acquired on or after 20/09/85 that were sold in the tax year.
  • Details of capital expenses/improvements to assets.

Assessable Government & Other Payments

  • Details of any assessable Government Industry Payments

Other income

  • Bank statements, receipts, invoices, cash book records of any other income

Annual turnover

  • Calculate annual turnover – provide details as necessary

 

Expenses

Advertising

Office phones, fax or work-related mobile phone costs

Uniforms and laundry

Union fees

Professional fees

Office supplies: e.g. stationery, printing, postage and consumables

Contractor’s costs  (refer to the contractor’s table above)

Immediate deduction:

  • Business asset costs less than $20,000

Depreciating assets

  • List of depreciating assets or pool balance can be found in your prior year’s income tax return.
  • Please provide more information if the assets were not listed.
  • Cost and first date of business use of the asset
  • Sale prices and disposition date (if any)

Repair and maintenance costs for office facilities and equipment

Home office expenses (please discuss with us for eligibility of home office claim)

  • Hours per week using the home office
  • Running expenses: utilities
  • Rent paid
  • Furniture & fixtures
  • Phone & internet

 Travel expenses:

  • Business trips (do you have a travel logbook or keep a diary)?
  • Travel costs, e.g. airfare, accommodations, incidentals, taxi fares and meals, etc.
  • Train and bus fares
  • Parking & tolls

Loans

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

Employees

  • Copies of payment summaries and annual reconciliation for salaries and wages.
  • Information relating to super contributions made for each employee and director.

Commercial rent or office rent paid

Motor vehicles (if used by business)

  • Expenditure on fuel, oil, registration, repairs etc
  • Log books (we need to sight the logbook)
  • Odometer readings for the first and last date of the financial year.
  • Total business km for financial year
  • Engine size

 

Travel expenses

  • Travel diary and other documentation
  • Travel costs, e.g. airfare, accommodations, incidentals, taxi fares and meals, etc.
  • Train and bus fares
  • Parking & tolls

Insurance

Details of policy, provider, premiums, amount covered

Leased plant and motor vehicles

Detailed list of all plant and motor vehicles leased and expenses for each including contracts.

Superannuation contributions

Name of fund, policy number, contributions paid on behalf of each of the owners of the business. If you are also an employee, to get this deduction, the employment income must be less than 10% of the total income you received (refer to the employee’s table above).

  • Other expenses
  • Petty cash expenditure summary, expense items
  • Documentation of other items you think might be deductible – cheque butts, receipts.

Cost of sale – Materials & Supplies

  •  Stock opening balance
  • Stock written-off amount
  • Inventory list
  • Stock closing balance

Other items

  • Bank statement with BSB number, account name and account number
  • Your email address and mobile phone number (required for all tax returns)
  • Value of opening stock on hand at 1 July and closing stock at 30 June.
  • Invoices showing value of purchases made throughout the year
  • Value of work in progress at 30 June
  • Creditor and debtor details
  • Information about payments to related parties eg loans to family members
  • Personal income tax/investment details
  • Spouse/children income and investment details

 

If you need assistance for your bookkeeping, quarterly or reporting your annual or quarter business activity statements, producing financial statements, please contact us ASAP to make an appointment. We can produce the financial reports for you on a regular basis. It is important not to leave your accounting and books to the last minute, especially when you have the quarter PAYG liabilities and/or BAS responsibilities.

 

DISCLAIMER
Kasker Associates website is to provide information of general interest to their clients. The content of this website does not constitute specific advice. Readers are encouraged to consult their tax adviser for advice on specific matters.