Individual Tax Return

Individual Tax Return

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Business accountingInformation that Individual Tax Return clients should bring in with them for their tax interview and accounting services:

Details of all Income,including:
PAYG Payment Summaries (formerly Group Certificates), Eligible Termination Payments, Interest incomeDividend statementsTax summaries from Managed FundsCapital Gains (eg, details of shares sold)
Any Other income
Details of Deductions:

Motor vehicle usage for work related purposesOther travelUniforms/protective clothing/sun protection costs/laundry and dry cleaningSelf education expensesAny other work related expensesSuperannuationDonations to charityTax agent fees. Anything else you think that may be an allowable deduction
Rebate Information:

Details of spouse and dependants – names, dates of birthNet medical expenses, if over $1,500Details of spouse and dependant’s income (if any)
Private medical insurance statement from your fund
Details of amounts spent on childcare in the previous financial year
Other Matters:

Statement from Centrelink advising of any payments received through the yearDetails of any HECS chargesDetails of any personal items sold worth more than $10,000Superannuation contributions made by you for your spouse
BUSINESS Tax Return client information. If you would like us to prepare your business tax return, please read and note the following. We have prepared the following in summary form, to assist you in compiling what will be required for your year end tax information, and at the same time – obtaining maximum benefit to you.

General Information
– If you are using a computer software package to record your business information, save the information to a floppy disk/CD/USB stick.

– Please advise us of the brand of software that you are using, and the version of that software that you are using.

– Please take a printout of the trial balance and the profit & loss statement and balance sheet (where applicable) from your computer software program.

– Bank statements (all accounts) used by the business.

– Deposit books, or cash book written up to record income deposited into your business account.

– A summary of your income received, that was not deposited into your business account.

– Cheque butts, or cash book written up to clearly describe what the payment made was for. The more detail the better.

– Cash payments summary, which records all payments made that were not through the business cheque book ‘Date’ ‘Description’ ‘Amount’.

– Copies of all voluntary agreements received ( if applicable)

– PAYG Payment summaries for your employees and yourself, and PAYG Payment statement summary (if applicable)

– Copies of BAS statements and Instalment Activity statements that you have prepared yourself during the year (if applicable)

– Documentation for new loans, leases etc.

– Odometer readings of all of your motor vehicles at the end of the financial year. Details of the business % of all of your motor vehicles.

– Documentation from Solicitors where you have bought or sold real estate or any major business assets.

Trade DebtorsPeople who owe you money as at the end of the financial year, on accounts that you have rendered in any month before 30 June. Example (June’s monthly bill to customer sent on 20 June, but payment not received until after 1 July.)

Trade Creditors

People that you owe money to as at 30 June, on accounts that you have received in any month before 30 June. Example (June’s monthly material account received on 20 June but not paid until after 1 July.)

Stock on Hand – Trading stock means anything produced, manufactured, acquired or purchased for the purpose of manufacture, sale or exchange, but excludes consumable aids to manufacture as distinct from goods forming part of manufacture, ie. Cleaning agents, sandpaper etc.

– An example of trading stock would be all of the products on the shelves held for sale in a supermarket; or all cars held for sale by a car dealer. Basically, anything that is going to be resold.

– If the above is applicable to you, the Taxman’s attitude is that a physical stock take will need to be undertaken at the end of the year. (see below)
Doing a Trading Stock Valuation (stock take)

A stock take at cost price would be accepted by the Taxman. Cost price means the cost of the stock to your business when purchased, including all charges in getting it into existing condition and bringing it to the place where it is ‘on hand’.Superannuation

– In each financial year, the Superannuation Guarantee Scheme (SGS) requires all employers to provide a minimum level of Superannuation support for each of their full-time, part-time and casual employees, or be liable to a penalty charge.- The employer contributions are calculated by multiplying the employees ordinary time earnings x 9 % in the applicable financial year.

– The contributions for the Year ended 30 June must be paid no later than 28 July. We recommend where possible, to pay the superannuation amount before 30th June so that you can claim a tax deduction for this in that tax year.

Simplified Tax System (STS)The STS commenced on 1 July 2001 and allows small businesses access to simpler cash accounting arrangements, depreciation, and trading stock rules. If your business has an average annual turnover of less than $1 million dollars, and depreciating assets with a written down value of less than $3 million dollars you are eligible to enter the STS.When we prepare your 2003 financial work we will analyse whether it is to your benefit to enter the STS.

If you require further information specific to your business, please contact our office.

We look forward to seeing you in the near future.

Cox Business Accountants.

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