Business Tax Return Checklist

Word version

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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Income from sales and / or the provision of services
     Bank statements indicating the nature of each deposit
     Reconciled cashbook including drawings taken from the business before banking
     Debtors listing
     QuickBooks/ MYOB files

Banks, building societies, investments and term deposit accounts
     Bank statements with total interest received

Rental properties
     Statements of rental income received

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 additions/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

     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.

Rental Property
     Details of all expenditure incurred.
     Date of purchase of rental property as per contract.
     Rent paid by business.

Motor vehicles (if used by business)
     Expenditure on fuel, oil, registration, repairs etc
     Log books
     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

     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.

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.

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

Other items
    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