Tax Return Checklist for Businesses

Checklist of information required to complete your business tax return/s for the financial year may include:

• List of debtors (money owed to you by customers) as at the last day of the financial year listing the amount of GST inclusive and GST exclusive on each
• List of creditors (money owed by you to suppliers) as at the last day of the financial year listing the amount of GST inclusive and GST exclusive on each (provide the break-up of money owed for each type of expense eg electricity, telephone etc)
• Cash on hand or not banked at the last day of the financial year
• Listing of expenses paid for the business out of your own money (not already accounted for in BAS preparation)
• List of nights spent away and towns stayed at for travel in relation to work and attending conferences
• Motor Vehicle log book
• Bank statements for the year (including business cheque accounts, loans accounts etc) including end of year balances and total interest paid/received
• An estimate of private use percentages for home utilities such as telephone, mobile, electricity, internet etc
• Dates and values of assets purchased or sold during the financial year
• Contracts for loans or finance obtained during the financial year and tax invoice/s for assets purchase (if not already given to accountant)
• Accounting system backup (ie MYOB, Quickbooks etc)
• Copies of employee Payment Summaries (if not already given to accountant)
• Stock on hand as at the last day of the financial year

Please note –

The usual procedure is to have your individual tax returns and affairs completed at the same time as your business, therefore please also refer to our Checklist for Individual Returns for further information.

Tel: 02 4421 2345Fax: 02 4421 2340