Business Tax Return Checklist

Be tax savvy. Tax can be your biggest expense. For individuals tax is up to 48% and for companies 30%.

Talk to us about tax planning strategies that will help your business save money now, as well as in the long term.

Here is a list of items you’ll need to give us to prepare your business tax return:

Income

 

✔ Trading income

✔ Other income (royalties, rent, interest)

✔ Stock on hand including any obsolete stock

✔ Subsidies if applicable (e.g. primary producer, small business)

✔ Capital gains from assets sold

✔ Dividends

 

Deductions

 

✔ Losses

✔ Repairs and maintenance

✔ Salaries (include FBT)

✔ FBT paid

✔ Rates, land tax and insurance premiums paid

✔ Advertising expenses

✔ Interest on borrowed monies

✔ Retirement payments

✔ Bad debt written off in the year

✔ Charitable contributions and donations (over $2)

✔ Commissions

✔ Legal expenses

✔ Lease expenses (motor vehicles, premises, equipments)

✔ Losses from previous years

✔ Superannuation contributions

✔ Subscriptions

✔ Car expenses

✔ Accounting fees, tax agent fees

✔ Travel expenses

✔ R&D expenditure by registered R&D company

✔ Bank fees

✔ Borrowing costs

 

Liabilities

 

✔ New loans

✔ Existing loan closing and opening statements for the financial year

✔ Provisions for long service and annual leave

✔ Creditors on hand

✔ Accrued expenses

✔ Fully reconciled mortgage or loan facilities

✔ Fully reconciled GST accounts

 

Assets

 

✔ Depreciable assets acquired or disposed (type, date, consideration)

✔ Capital Gains Tax assets acquired

✔ Lease commitments

✔ Debtors

✔ Fully reconciled bank accounts