2018 - 2019 TAX RETURN CHECKLIST : TRUST/PARTNERSHIP


For year ended 30th June 2019

IMPORTANT NOTE – WORKFLOW MANAGEMENT

The lodgement due date of your tax return is between 31st of October 2019 and 15th of May 2020 (depending on your circumstances)

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 Trust/Partnership is lodged with the ATO by the due date, provided ALL relevant information and documentation is received by 15th January 2020

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.

 
Bank Details
 
If you wish for your refund to be deposited into your bank account, please provide the following details:


Please choose a Chan & Naylor Branch *

Beneficiary/Partner Details:

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INCOME & EXPENSES:

1. Business 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 pay an ATO GST installment amount every quarter, we shall prepare the Annual GST Return for you based on the data you provide, unless we are advised otherwise;
    · if you do not maintain cloud or desktop based accounting software, please forward the following documents to us, if applicable:
       a. cashbooks (either manual or in Microsoft excel);
       b. bank statements from 1 July 2018 to 30 June 2019;
       c. cheque butts;
       d. deposit slips;
       e. expenses summaries/invoices;
       f. loan statements, if applicable;
       g. amounts of money that other entities, including the beneficiaries (for trust), owe the Trust/Partnership in connection with the business as at 30 June 2019, if any
  1. amounts of money that the Trust/Partnership owes other entities ,including the beneficiaries (for trust), in connection with the business as at 30 June 2019, if any
        i. PAYG Payment Summaries (group certificates) and annual reconciliation statement, if applicable.

Please note that we need the GST component of each expense so that we can work out the GST input tax credit claimed by the Trust/Partnership.

 
2. Distribution from other trusts/partnerships: 

Do you receive distribution from other trusts/partnerships? *





3. Interest (money received from your bank accounts):

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4. Dividends:

Please provide copies of dividend statements (including Dividends on shares participating in Dividend Re-investment Plans).

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5. Capital Gain:

Did you sell any assets such as shares or property or receive any compensation amounts during the year ended 30th June 2019?


6. Rent:

Do you receive rental income?





Business Expenses


1. Motor Vehicle:


Was there any car in the trust/partnership’s name or did you use your own car for
business purposes through the year?








2. Tax Loss (NOT APPLICABLE FOR PARTNERSHIPS)

Did the Trust have a loss to be brought forward from prior year?
Have you made a family trust election? If so, please provide the completed form.

3. Superannuation

Has the Trust/Partnership made any contribution to a superannuation fund?











7. LOANS 

Are your loans looked after via a broker or directly through a bank manager?
8. 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 note that you are required to forward all the above documents to us in order to prepare 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 2019