2017 Tax Return Checklist
Thefollowingisa checklistforinformationrequiredtoprepareincometaxreturnsforthisyear.Pleaseensurethatyoureviewthe checklistandhaveallinformationavailablewhencompletingyourtaxreturns.
IndividualTax Returns
Income
•GrossSalary,Wages,Allowances,Benefits,Earnings, TipsandDirectorsFees.
• IncomefromBusinessActivities.
• PAYGPaymentSummaries.
•Detailsofanynon-cashbenefitsreceivedincluding discount(s)onemployeesharesorrights.
•Lumpsumandterminationpayments.All documentationshouldbeprovidedincludinganETP PaymentSummaryfromtheemployeror fund.
•GovernmentSocialSecuritypayments,including pensions,unemploymentandsicknessbenefits.
•DetailsofanyCGTassetsales(e.g.sharesandreal estate).Pleaseincludedatesof,andcostsassociated
with,acquisitionanddisposal.(Youcansavetaxifyou qualifyforthevarietyofCGTconcessions).
•Annuities,includingallocatedpensionsor superannuationincomestreams.
•Incomefromtrustsandpartnerships.Statementsof distributionshouldbeprovidedwhereappropriate.
• Rentalincome.
• Interestanddividendsreceivedandanytaxdeducted.
Includedetailsoffrankeddividends(imputationcredits).
•Foreignsource(employmentandpension)incomeand detailsofanyforeigntaxcredits.
Deductions
•Investmentandpropertyexpenses(carefullydetail interestclaims). Travel deductions no longer applicable
• Subscriptions(notincludingsportingor socialclubs).
•Employmentrelatedexpendituresuchaswork-related motorvehicle,self-education,protectiveclothing,tools, uniformandlaundryexpenses.
•Forself-employedpersons:detailsofany superannuationcontributionsmade.
Rebates
• Privatehealthinsuranceannualstatement.
•Detailsofsuperannuationcontributionswherenotax deductioncanbeclaimed.
•Anychangesindependentsincludingchildren’sdetails, datesofbirthandanyCentrelinkbenefitsapplicable. Theincomeofyourspousealsoneedstobeprovided.
•Detailsofanyincomereceivedina lumpsumaccruedin earlierincomeyears(e.g.assessablepensions).
•Homeofficeexpenseswhereemploymentrequiresuse ofyourcomputer,phoneorotherdevice.
• TaxAgentFeesandotheraccounting/taxauditfees.
•Specialdeductions(Australianfilms,investmentshelters andagribusiness-typeschemes).
•Bankfees(wherethecreditordepositrepresents assessableincome).
• Unrecoupedprioryearlosses.
• Donationsof$2andover.
• IncomeProtectionInsurancepremiums.
• HECS/HELPDebtdetails.
NewClients
• Lastyear'sNoticeofAssessmentandTaxReturn(ifavailable).
Companies,Partnerships, TrustsandOther Business
Income
• Tradingincome.
• Otherincome(e.g.Rent,Interest,Royalties,Trust
Distributions).
•StockonHandat30June2016(andbasisof valuation) – note any obsolete stock.
• Work-in-Progressat30June2016.
• PrimaryProducersubsidies(if assessable).
Deductions
•Bankfees(wherethecreditordepositrepresents assessableincome).
• Repairsandmaintenance.
• Salaries,includingfringebenefits.
• Fringebenefitstaxpaid.
• Rates,landtaxesandinsurancepremiums.
• Advertisingexpenses.
• Interestonborrowedmonies.
• Deductionsrelatingto foreignsourceincome.
• Prepaidexpenses(subjecttotransitionalrules)
• Retirementpaymentsandgoldenhandshakes.
• Baddebtsactuallywrittenoff duringtheyear.
• Donationsof$2andoverdependingontherecipient.
• Commissions.
• Legalexpenses.
•DetailsofCGTassets(e.g.sharesandrealestate)sold, includingdatesof,andcostsassociatedwithacquisition anddisposal.
• Dividends,includingdetailsof frankingcredits.
•Incomefromforeignsourcesincludingdetailsofany foreigntaxespaid.
•LeaseorChattelMortgagepaymentson motorvehicles andequipment.
• Lossesofpreviousyears(orintra-grouptransfers).
• Superannuationcontributions.
• Subscriptions.
•Carexpenses(remembertoincludepetrol,repairsand parkingandmaintaina logbookwherenecessary).
• Taxagent’sfees& otheraccountingandtaxauditfees.
• Royaltiespaid.
•Detailsofthedestinationandpurposeofanyinterstate oroverseastrip.Expensesmustbefullydocumented wheretravelinvolvesatleastonenightawayfrom home.Traveldiariesshouldbeincludedwheretravel exceedsfivenightswithinAustraliaoranyoverseas travel.
• Researchanddevelopmentexpenditure
Assets
•Detailsofdepreciableassetsacquiredand/ordisposed ofduringthisincomeyear,including:
otypeofasset;
odateofacquisition
oconsideration
Liabilities
•Newloanstakenoutduringtheyearandtheirpurpose, includinganynewleaseorchattelmortgage agreements.
•Statementsfromthelendingauthoritydetailingthe openingandclosingbalancesofexistingloansduring thefinancialyear.
AdditionalInformation
• Frankingaccountdetails/movements
• Overseastransactions,exchangegains/losses.
•Privatecompanies–remunerationorloanstodirectors, shareholdersandtheirrelatives.
• Leasecommitments.
• Debtorsat30June,2016
• Commercialdebtsforgiven.
• Provisionsforlongserviceandannualleave.
• Creditorsat30June,2016
•Detailsofloanaccountstodirectors,shareholders, -beneficiariesandpartners.
• Accruedexpenses(e.g.auditfees,interestpayments).
• Commercialdebtsforgiven.
• Changestothecapitalofthecompany.
•Whetherfamilytrustelectionshavebeenmadein relationtotrusts.
• Abackupofyouraccountingfilefortheyear.
Note:To ensurethatyouobtainthemaximumdeductionsto whichyouareentitledandinconsiderationofthepenaltyprovisions, FULLDETAILSofanyclaimshouldbeprovidedandsupportingdocumentationmadeavailable.Foremployeetaxpayersandfortravelandmotorvehicleclaimsby self-employedtaxpayers,documentationmustbea receipt,taxinvoiceor similardocumentthat containstherequireddetails.Forothertaxpayers,documentationmaycomprisereceipts,dockets,diarynotationsorreasonable andsupportingestimates.