2016 - 2017 TAX RETURN CHECKLIST : Company

For year ended 30th June 2017

IMPORTANT NOTE – WORKFLOW MANAGEMENT


Your Tax Returns are not due for lodgement until 15 March 2018, please advise:

 

Is your tax return required urgently?  If yes, please contact your Client Manager (express fees may apply).

We shall endeavour to ensure that the tax return of the Company is lodged with the ATO by the due date, provided ALL relevant information and documentation is received by 15th January 2018

This will allow us sufficient time for preparing and lodging the tax return. 

If the relevant information and documentation is not received by the  due date, we may not be able to guarantee that the tax return will be lodged on time.

 
INCOME & EXPENSES:

1. Income & Expenses:
  • if you maintain your own cloud based accounting software, please contact your client manager to go through the steps to enable appropriate Chan & Naylor access.
  • if you maintain your own desktop based accounting software please submit a copy of the file via usb or via email to your relevant client manager.
  • if you do not maintain cloud or desktop based accounting software, please forward the following documents to us, if applicable:
  1. cashbooks;
  2. bank statements;
  3. cheque butts;
  4. deposit slips;
  5. expenses summaries/invoices;
  6. copies of buy/sell contracts of listed shares, if applicable;
  7. copies of the quarterly PAYG-Instalment returns;
  8. summary of employers’ contributions to members, if available;
  9.  PAYG Payment Summaries (group certificates) and annual reconciliation statement if any.
  10. Payroll Tax Annual Reconciliation statement if any. 

N.B. Should the company be registered for Payroll Tax? Are there any likely Payroll Tax Grouping issues?

  
2. Distribution from other company, partnership or trust: 

Do you receive distribution from other company? *


 
3. Rent:
Do you receive rental income? *




4. Interest:
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5. Dividends:
Please  provide  copies  of  all  dividend  statements  including  those  that  take  part  in  dividend reinvestment plan. If you have problems finding all these statements, please feel free to contact us
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6. Capital Gain:

Capital Gain: Did you sell any assets such as share investments or property in the 2017 financial year, i.e. from 1st of July 2016 to 30 June 2017?


6. Loans 
Are your loans looked after via a broker or directly through a bank manager?
Business Income & Expenses

1. Motor Vehicle:


Was there any car in the company name or did you use your own car for
business purposes through the year?



2. Tax Loss
Did the Company have a loss to be brought forward from prior year?


3. Superannuation 

Has the Company made any contribution to a superannuation fund?





  1. Small Business Entities (SBEs)

If you carry on a business and your annual turnover is less than $10 million, you will be eligible to be treated as a SBE. The benefits of being a SBE taxpayer are, among other things:

  • Either cash/accrual accounting method available
  • simplified trading stock rules where businesses only need to conduct stocktakes and account for changes in the value of trading stock in limited circumstances, and
  • simplified depreciation rules where most depreciating assets costing less than $20,000 each are written off immediately. Most other depreciating assets are pooled and deducted at a rate of either 15% for the first year of acquisition or 30% for each year after the first year.

* Please call your Client Manager who can answer any query you may have on this matter.

* - please call your Client Manager who can answer any query you may have on this issue.


Please note that you are required to forward all the above documents to us for preparing your financial statements and tax return. The above list of documents, while being quite comprehensive, is not meant to be exhaustive. If you are not certain whether additional information/documents are required or some of the documents are missing, please feel free to give us a call.

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Chan & Naylor 2016