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Tax return checklist for small business

 

PROOF OF INCOME

☐ Gross receipts from sales or services / cash book records

☐ Sales records (invoices issued) for accrual-based taxpayers

☐ Returns and allowances

☐ Business bank account statements

☐ Interest received from term deposit & other business bank accounts

☐ Statement of rental property income received

☐ Statement of shares purchased, sold or held (price and date of purchase & sale, brokerage, etc)

☐ Dividend statements

☐ Disposal of asset (description, dates and price of assets purchase & sale)

☐ Additions/improvements of assets

☐ If any, copy of the accounting file (MYOB, Xero, Quickbooks, Zoho, etc)

 

COST OF GOODS SOLD

☐ Value of inventory on hand as at 30 June (closing inventory in $ amount)

☐ Value of opening inventory as at 1 July ($ amount)

☐ Inventory purchase

☐ Value of work in progress as at 30 June

☐ Wastage

☐ Materials and supplies

EXPENSES

☐ Advertising

☐ Computer/Phones/Internet (landlines, mobile, conference call, software, hardware, etc.)

☐ Transportation and travel expenses (business trip log book/fuel, rego, repairs receipts, etc)

☐ Travel away from home (travel diary, airfare, accommodation, meals receipts)

☐ Payments to subcontractors

☐ Business insurance premium paid

☐ Interest expenses & hire purchase charges

☐ Professional fees (legal, accountants and consultants)

☐ Office supplies

☐ Rent expenses

☐ Repairs & Maintenance expenses

☐ Subscription expenses

☐ Home office expenses (partial claim on utilities expenses based on area use for business)

☐ Payroll expenses: payment summaries, superannuation contribution paid, workers comp insurance

☐ Leased equipment and motor vehicle: detailed information & lease contracts

☐ Other expenses, please specify:

ASSETS & LIABILITIES

☐ Asset purchase details, including: plant & equipment, motor vehicle, leasehold improvement, fitting & fixtures, etc.

☐ Statement of all loans by the business, including interest charged and loan balance as at 30 June

☐ Hire purchase and commercial loan agreement for all asset purchased under loan

☐ Petty cash usage

☐ List of Creditors and Debtors as at 30 June

☐ List of payments made to related parties during the year

 

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