Business Tax Return Checklist

Business Tax Return Checklist

Here is a list of items you'll need to give to your accountant to prepare your businesses tax return. Get tax savvy. Talk with your accountant about year-end tax tips that will help you and your business save money now as well as in long term.

Income

• Trading income
• Other income (royalties, rent, interest)
• Stock on hand - note any obsolete stock
• Subsidies if applicable (eg. primary producer, small business)
• Capital gains from assets sold
• Dividends
• Income from foreign sources

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