Company, Partnership or Trust tax return: basic checklist

The list below summarises the essential taxation information required for your tax lodgment. You should prepare the relevant substantiation documents (preferably in advance of your first appointment with us) and bring them along with you in order to allow our tax agents to speed up the lodgment process with the ATO.

It is advisable to print out and fill-in the table below, to make sure you did not omit to provide any tax or accounting related documents that may be required for the tax lodgement. You can fax or email this straight to us, or if you prefer you can bring it with you at the time of your appointment.

2011 Company, Trust or Partnership Tax Return Checklist

Name of Entity:

Address:

Representative:

Contact No:

 

Relevant Information

Tick if available

 

Income Details

Accounting information, including trial balance, P&L and balance sheet
Asset register detailing depreciable assets bought, sold or scrapped during the year
Cashbook (if maintained)
Copies of sell notes and settlement statements for shares sold (include original contract notes and settlement statements if possible)
Copies of sell notes for units in managed funds sold (include preferably original purchase notes)
Any other income, such as rental income
Any other investment incomes
Any subsidies, grants and payments received
Interest and repayments received from shareholders
Proceeds from disposal of capital assets
Managed funds distribution statements, annual tax statements and capital gains statements
Dividend statements

 

Details of Expenses / Deductions

Advertising and marketing expenses
Bad debts actually written off during the year (provide documentary evidence)
Bonuses and commissions paid to employees
Bonuses and commissions paid to external parties
Bonuses paid to directors
Borrowing costs for new loans entered into during the year
Directors’ fees
Donations of $2 and over to registered charities
Entertainment expenses
Expenses incurred during the year associated with establishing, expanding, merging or liquidating the entity
Fringe benefits tax paid (please provide FBT return lodged)
Interest on loans
Lease expenses for motor vehicles, premises and equipment
Legal expenses
Lump sum payments (including retirement and redundancy)
Motor vehicle expenses
Prepayments
Professional subscriptions and journals
Rates, land taxes and insurance premiums
Repairs and maintenance
Research and development activities and expenses
Royalties paid
Salaries paid, including fringe benefits (please provide PAYG summaries)
Superannuation contributions for directors
Superannuation contributions for employees
Tax, and accounting and audit fees paid
Travel expenses (include travel diaries)

 

Details of Balance Sheet - Assets

Asset register detailing depreciable assets bought and sold or scrapped during the year
Bank statements
Cheque book butts and deposit books
Copies of confirmation for any units in managed funds purchased
Copies of contract notes and settlement statements for any shares purchased
Any other investments purchased
CGT assets purchased during the year
Leases entered into and terminated during the year
Loans, payments of forgiveness of debts to shareholders or their associates
Details of work-in-progress
Listing of trade debtors with amounts outstanding
Value of stock as at 30 June 2009 (and basis of valuation)

 

Details of Balance Sheet - Liabilities

Accrued expenses (eg audit fees and bonuses) and unearned revenue
Details of all loans
Listing of trade creditors with amounts owing
Provisions for long service leave and annual leave
Statements from the lending authority detailing the opening and closing balances of existing loans during the financial year

 

Details of Balance sheet - Equity

Any changes to shareholdings
Loans from shareholders or partners
Details of any increases or decreases in reserves

 

Additional Information - for Company Tax Return only

Auditor’s report
Copies of Instalment Activity Statements and/or Business Activity Statements lodged for the income year
Copies of minutes of company meetings
If you have any doubt about any income or expenses the company has received or incurred, bring the relevant documents with you
Any other information that you think is relevant

 

Additional Information — for Trust Tax Return only

Copies of Instalment Activity Statements and/or Business Activity Statements lodged for the income year
Copies of minutes of trust meetings, in particular distribution resolutions
Copy of trust deed, if not already supplied
Details of any units redeemed or issued during the year (for a unit trust)
Details of any unpaid present entitlements to beneficiaries
If trust’s deed was amended during the year, please provide details
If you have any doubt about any income or expenses the trust has received or incurred, bring the relevant documents with you

 

Additional Information — for Partnership Tax Return only

Copies of Instalment Activity Statements and/or Business Activity Statements lodged for the income year
Copies of minutes of partnership meetings
Copy of partnership agreement
If the partnership was (re)structured during the year, please provide details
If you have any doubt about any income or expenses the partnership has received or incurred, bring the relevant documents with you

 

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