2024 Business Tax Checklist
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Income
- Accounting information, including trial balance, profit and loss, and balance sheet
- Asset register detailing depreciable assets bought and sold or scrapped during the year
- Cashbook (if maintained)
- Copies of sell notes and settlement statements for shares sold (and original contract notes and settlement statements if possible)
- Copies of sell notes for units in managed funds sold (and original purchase notes if possible)
- Details of any other income such as rental income
- Details of any other investment income
- Details of any subsidies, grants and payments received
- Details of interest and repayments received from shareholders
- Details of proceeds from disposal of capital assets
- Managed funds distribution statements, annual tax statements and capital gains statements
- Dividend statements
Deductions
- Details of advertising and marketing expenses
- Details of bad debts actually written off during the year
- Details of bonuses and commissions paid to employees
- Details of bonuses and commissions paid to external parties
- Details of bonuses paid to directors
- Details of borrowing costs for new loans entered into during the year
- Details of director fees
- Details of donations of $2 and over to deductible gift recipients
- Details of entertainment expenses
- Details of expenses incurred during the year that were associated with establishing, expanding, merging or liquidating the entity
- Details of fringe benefits tax paid (and a copy of the FBT return lodged)
- Details of interest on loans
- Details of lease expenses for motor vehicles, premises and equipment
- Details of legal expenses
- Details of lump sum payments (including for retirement and redundancy)
- Details of motor vehicle expenses
- Details of prepayments
- Details of professional subscriptions and journals
- Details of rates, land taxes and insurance premiums
- Details of repairs and maintenance
- Details of research and development activities and expenses
- Details of royalties paid
- Details of salaries paid, including fringe benefits (provide PAYG summaries)
- Details of superannuation contributions for directors
- Details of superannuation contributions for employees
- Details of tax, and accounting and audit fees paid
- Details of any assets purchased, including date of purchase and amount
- Details of travel expenses (provide travel diaries)
Balance sheet – assets
- Asset register detailing depreciable assets bought and sold or scrapped during the year
- Bank statements
- Cheque book butts and deposit books
- Copies of confirmation for any units in managed funds purchased
- Copies of contract notes and settlement statements for any shares purchased
- Details of any other investments purchased
- Details of capital assets purchased during the year
- Details of leases entered into and terminated during the year
- Details of loans, payments, forgiveness of debts, or provision for use of assets to shareholders or their associates
- Details of work-in-progress
- Listing of trade debtors with amounts outstanding
- Value of stock as at 30 June 2018 (and basis of valuation)
Balance sheet – liabilities
- Accrued expenses (eg audit fees and bonuses) and unearned revenue
- Details of all loans
- Listing of trade creditors with amounts owing
- Provisions for long service leave and annual leave
- Statements from lending authorities detailing the opening and closing balances of existing loans during the financial year
Balance sheet – equity
- Details of any changes to shareholding
- Details of loans from shareholders or partners
- Details of any increase or decrease to reserves
Additional Information – Company
- Loans, payments, debt forgiveness, or use of assets given to shareholders or associates of the shareholders, if private company
- Auditor’s report (if applicable)
- Copies of Instalment Activity Statements and/or Business Activity Statements lodged for the income year
- Copies of minutes of company meetings
- Details of any share buy-backs or share cancellations
Additional information – trust
- Copies of Instalment Activity Statements and/or Business Activity Statements lodged for the income year
- Copies of minutes of trustee meetings, in particular distribution resolutions
- Copy of trust deed or any amendments during year, if not already supplied
- Details of any units redeemed or issued during the year (for a unit trust)
- Details of any unpaid present entitlements to beneficiaries or associate private companies
- Details of any elections eg family trust election, interposed entity election
- If closely held trust, any relevant notices eg tax file number (TFN) report, trustee beneficiary (TB) statement
Additional information – partnership
- Copies of Instalment Activity Statements and/or Business Activity Statements lodged for the income year
- Copies of minutes of partnership meetings
- Copy of partnership agreement
- If the partnership was restructured during the year, please provide details
Additional information – all entities
- If you have any doubt about any income or expenses that the entity has received or incurred, bring the documents in with you
- Any other information that you think is relevant