Individual Tax Return Checklist

Tax Checklists By Tradewise Solutions Chartered Accountants Is A Basic Checklist For The Common Information Required To Prepare Income Tax Returns For This Year. The Checklist Is Available On Their Website.

Rental Property

Rental Income
Statement from your property or managing agent, also known as a profit and loss statement (P&L).
Rental Expenses
Advertising for tenants.
Body Corporate fees.
Borrowing expenses.
Cleaning expenses.
Gardening expenses.
Insurance expenses.
Interest on loan.
Land tax.
Legal fees.
Pest control expenses.
Property Agent Fee.
Repairs and maintenance expenses.
Water expenses.
Other/ Sundry expenses.

Companies, Partnerships, Trusts and Other Businesses

Income/Earnings Documents
Trading income.
Other income (e.g. Rent, Interest, Royalties).
Details of Capital Gains Tax assets (e.g. stock, shares and real estate) sold, including dates of, and costs associated with, acquisition and disposal (including settlement statements and Sale/purchase agreements.
Dividends, including details of franking credits.
Income from foreign sources including details of any foreign taxes paid.
Stocktake details at the financial year end as at 30th June, where applicable
Repairs and maintenance.
Salaries, including fringe benefits.
Fringe benefits tax paid.
Rates, land taxes and insurance premiums.
Advertising expenses.
Interest on borrowed monies.
Deductions relating to foreign source income.
Prepaid expenses (subject to transitional rules).
Retirement payments and golden handshakes.
Bad debts actually written off during the year.
Donations of $2 and over depending on the recipient.
Legal expenses.
Losses of previous years (or intra-group transfers).
Superannuation contributions.
Motor Vehicle Expenses.
Tax agent’s fees and other accounting and tax audit fees.
Royalties paid.
Start-up costs for a new business.
Balance Sheet
Asset register detailing depreciable assets bought, sold or disposed of during the year and copies of tax invoices.
If not using Cloud software, please provide all bank statements for the financial year.
Details of CGT assets purchased or sold during the year, including contract & settlement sheets.
Details of work-in-progress.
Listing of trade debtors with amounts outstanding at the financial year end as at 30th June & any details of bad debts or uncollectable amounts.
Value of stock at the financial year end as at 30th June (and basis of valuation).
Details of all loans and full financial year bank statements.
Listing of trade creditors with amounts owing at the financial year end as at 30th June.
Statements from any financer’s detailing the opening and closing balances of existing loans during the financial year.
Details of any changes to shareholdings or directorships or new units issued.
Details of any changes to shareholdings or directorships or new units issued.
Details of loans from shareholders or partners.
Details of any Annual Leave or LSL due to employees (if applicable).
Additional Information
Copy of the Company Constitution, if not already supplied.
Copy of the Trust Deed, if not already supplied.
Copy of the Partnership Agreement if not already supplied.
Copy of the Trust Distribution Advice Minutes (Notification Decision).

IMPORTANT DISCLAIMER: This document contains general advice only and is prepared without taking into account your particular objectives, financial circumstances and needs.  The information provided is not a substitute for legal, tax and financial product advice.  Before making any decision based on this information, you should speak to a licensed financial advisor who should assess its relevance to your individual circumstances.  While the firm believes the information is accurate, no warranty is given as to its accuracy and persons who rely on this information do so at their own risk.  The information provided in this website is not considered financial product advice for the purposes of the Corporations Act 2001.