Business Tax Return Checklist
We all could do with a helping hand when it comes to organising our annual tax return. The Power2 tax preparation checklist will help you get organised and ensure you have all your paperwork in order, in time for your tax appointment. This will help avoid unnecessary lodgement delays and additional fees and charges. It will also help you to meet your ATO substantiation obligations. Download your PDF copy by clicking on the image opposite or carry on reading the information below.
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Bank statements indicating the nature of each deposit
Reconciled cashbook including drawings taken from the business before banking
QuickBooks/ MYOB files
Bank statements with total interest received
Statements of rental income received
Statements of shares purchased, sold or held (with price, dates purchased or sold, brokerage/stamp duty)
Dates and values of purchase and sale
Provide asset description
Details of any other personal or business assets acquired on or after 20/09/85 that were sold in the tax year.
Details of additions/improvements to assets.
Details of any assessable Government Industry Payments
Bank statements, receipts, invoices, cash book records of any other income
Calculate annual turnover – provide details as necessary
Statements for all loans owing by the business, with an end of financial year balance and interest paid.
Copies of payment summaries and annual reconciliation for salaries and wages.
Information relating to super contributions made for each employee and director.
Details of all expenditure incurred.
Date of purchase of rental property as per contract.
Rent paid by business.
Expenditure on fuel, oil, registration, repairs etc
Odometer readings for the first and last date of the financial year.
Total business km for financial year
Travel diary and other documentation
Details of policy, provider, premiums, amount covered
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.
Detailed list of all plant and motor vehicles leased and expenses for each including contracts.
Name of fund, policy number, contributions paid on behalf of each of the owners of the business.
Petty cash expenditure summary, expense items
Documentation of other items you think might be deductible – cheque butts, receipts.
Bank statement with BSB number, account name and account number
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, e.g. loans to family members
Personal income tax/investments details
Spouse/children income and investment details