Kevin P Scambler & Associates - Tax Agents and Accountants - Financial Services - Business Tax Return Checklist
Specialising in Personal, Business and Property Accounting Since 1994
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Business Tax Return Checklist


Companies, Partnerships, Trusts and Other Business

Income:

  • Trading Income.
  • Other Income (e.g. Rent, Interest, Royalties).
  • Stock on Hand (and basis of valuation) - note any obsolete stock.
  • Work-in-Progress
  • Primary Producer subsides (if assessable)
  • Details of CGT assets (e.g. shares and real estate) sold, including dates of, and costs associated with, acquisition and disposal.
  • Dividends, including detail of franking credits
  • Income from foreign taxes paid.

    Deductions

  • Repairs and maintenance
  • Salaries, including fringe benefits.
  • Fringe benefits tax paid.
  • Rates, land taxes and insurance premiums.
  • Advertising expenses.
  • Interest on borrowed monies.
  • Deductions relating to foreign-source income.
  • Prepaid expenses (Subject to transitional rules)
  • Retirement payments and golden handshakes.
  • Bad debts actually written off during the year
  • Donations of $2 and over depending on the recipient.
  • Commissions,
  • Legal expenses
  • Lease documents for motor vehicles, premises and equipment.
  • Losses of previous years (or intra group transfers)
  • Superannuation contributions.
  • Subscriptions.
  • Car expenses (remember to include petrol, repairs and parking and maintain a log book where necessary)
  • Tax agent fees and other
  • Royalties paid.
  • Details of the purpose and destination of any interstate or overseas trip. Expenses must be fully documented where travel involves at least one night away from home. Travel diaries should be included where travel exceeds five nights.
  • Research and development expenditure.
  • Bank fees (where the credit or deposit represent assessable income).


  • Liabilities:

  • New loans taken out during the year and their purposes, including any new lease or chattel mortgage agreements.
  • Statements from the lending authority detailing the opening and closing balances of existing loans during the financial year.
  • Provisions for long service and annual leave.
  • Creditors at June 30
  • Details of loan accounts to directors, shareholders, beneficiaries and partners.
  • Accrued expenses (e.g. audit fees, interest payments)
  • Commercials debts forgiven.

    Assets:

  • Details of depreciable assets acquired and/or disposed of during this income year, including:
    • Type of asset
    • Date of acquisition
    • Consideration received/paid
  • Lease commitments.
  • Debtors at June 30
  • Commercial debts forgiven.

    Additional Information:

  • Franking account details/movements
  • Overseas transactions, exchange gains/losses
  • Private companies-remuneration or loans to directors, shareholders and their relatives
  • Changes to the capital of the company
  • Whether family trusts elections have been made in relation to trusts.

    IMPORTANT DISCLAIMER: This newsletter does not constitute advice. Clients should not act solely on the basis of the material contained in this newsletter. Items herein are general comments only and do not convey advice per se. Also changes in legislation may occur quickly. We therefore recommend that our formal advise be sought before acting in these areas. This newsletter is issued as a helpful guide to clients and for their private information.

  • Tel: (07) 5452 7205  -  Email: info@kpsa.com.au - Address: Suite 7, Perlan House 50 Aerodrome Road Maroochydore Q 4558
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