Latest Accounting News
Hot Issues
2019: Tax Time Checklists - Individuals; Company; Trust; Partnership; and Super Funds
Small business clients need to be ready for STP by 30 September
Big four firm outlines new financial year checklist for SMSFs
Alert - Online Share Accommodation
ATO flashes warning over $7.2bn car expenses claims
Vital statistics for our great nation.
3 out of 4 tax dob-ins are about business
Tax on compensation received for inappropriate advice
‘Extra care’ crucial in avoiding ATO spotlight this tax time
ATO clears up FAQs about Single Touch Payroll
GST reporting: common errors and how to correct them
LRBAs, guarantees in need of review after property market falls
Victorian Property Valuation Cycle
Australia - toward EOFY 2019
Australian Taxation Office (ATO) expects 200,000 to miss out on refunds by failing to lodge
Biggest personal tax cuts in a decade a priority for Government
Government rules out GST changes following ATO report
ATO issues warning after ‘unprecedented’ spike in impersonation scams
Crypto transactions in ATO sights with new data-matching program
Government to establish $2 billion fund for small business lending
Small business corporate tax rates Bill is now law
ATO to double rental deduction audits to 4,500
ATO set to issue excess super contribution determinations
How's Australia going as we approach the election?
Single Touch Payroll (STP) is compulsory for all small businesses.
Federal Budget 2019 - Overview
How the 2019 Federal Budget affects you
FBT Reminder – Odometer Reading
‘Big awareness push’ underway as STP deadline approaches
Articles archive
Quarter 2 April - June 2019
Quarter 1 January - March 2019
Quarter 4 October - December 2018
Quarter 3 July - September 2018
Quarter 2 April - June 2018
Quarter 1 January - March 2018
Quarter 4 October - December 2017
Quarter 3 July - September 2017
Quarter 2 April - June 2017
Quarter 1 January - March 2017
Quarter 4 October - December 2016
Quarter 3 July - September 2016
Quarter 2 April - June 2016
Quarter 1 January - March 2016
Quarter 4 October - December 2015
Quarter 3 July - September 2015
Quarter 2 April - June 2015
Quarter 1 January - March 2015
Quarter 4 October - December 2014
Quarter 3 July - September 2014
Quarter 2 April - June 2014
Quarter 1 January - March 2014
Quarter 4 October - December 2013
Quarter 3 July - September 2013
Quarter 2 April - June 2013
Quarter 1 January - March 2013
Quarter 4 October - December 2012
Quarter 3 July - September 2012
Quarter 2 April - June 2012
Quarter 1 January - March 2012
Quarter 4 October - December 2011
Quarter 3 July - September 2011
Quarter 2 April - June 2011
Quarter 1 January - March 2011
Quarter 4 October - December 2010
Quarter 3 July - September 2010
Quarter 2 April - June 2010
Quarter 1 January - March 2010
Quarter 4 October - December 2009
Quarter 3 July - September 2009
Quarter 2 April - June 2009
Quarter 1 January - March 2009
Quarter 4 October - December 2008
Quarter 3 July - September 2008
Quarter 2 April - June 2008
Quarter 1 January - March 2008
Quarter 2 April - June 2007
Quarter 2 April - June 2006
Quarter 2 of 2006
Articles
2006 - Companies, Partnerships, Trusts and Other Businesses Checklist
2006 - Individual Tax Returns Checklist
2006 - Companies, Partnerships, Trusts and Other Businesses Checklist
.

Income

  • Trading income
  • Other income (e.g. rent, interest, royalties)
  • Stock on hand (and basis of valuation) - note any obsolete stock
  • Work-in-progress
  • Primary producer subsidies (if assessable)
  • Capital gains from CGT assets sold (e.g. real estate) including dates of, and costs associated with, acquisition and disposal.
  • Dividends, including franking credits.
  • Income from foreign sources, including any foreign tax paid.

Deductions

  • Losses can no longer be transferred between group companies
  • Repairs and maintenance (not capital)
  • Salaries, including fringe benefits
  • Fringe benefits tax paid
  • Rates, land taxes and insurance premiums
  • Advertising expenses
  • Interest on borrowed monies
  • Deductions relating to foreign-source income are only deductible against foreign income of a similar class
  • Prepayments are no longer immediately deductible, unless under $1,000 or required to be prepaid by law
  • Retirement payments and golden handshakes
  • Bad debts actually written off during the year
  • Donations of $2 and over, depending on the recipient
  • Commissions
  • Legal expenses (many will be capital and hence not deductible)
  • Lease expenses for motor vehicles, premises and equipment
  • Losses from previous years
  • Superannuation contributions
  • Subscriptions
  • Car expenses.  Remember to include petrol, repairs and parking and maintain a log book where necessary
  • Tax agent's fees and other accounting and tax audit fees
  • Royalties paid.  Only deductible where withholding tax has been paid.
  • Travel expenses.  Details of the purpose and destination of any interstate or overseas trip should be provided. Expenses must be fully documented where travel involves at least one night away from home. Travel diaries should be included where travel exceeds five nights.
  • Eligible research and development expenditure by registered R&D Company.
  • Bank fees (where the credit or deposit represents assessable income).
  • Borrowing costs from previous years.
  • Blackhole expenditure which may be deductible over five years.

Liabilities

  • New loans taken out during the year and their purpose, including any new lease or hire purchase agreements
  • Statements from the lending authority detailing the opening and closing balances of existing loans during the financial year
  • Provisions for long service leave and annual leave
  • Creditors on hand at the end of the financial year
  • Details of loan accounts to directors, shareholders, beneficiaries and partners
  • Accrued expenses (e.g. audit fees, interest payments)
  • Commercial debts forgiven

Assets

  • Details of depreciable assets acquired and/or disposed of during this income year, including:
    • type of asset;
    • date of acquisition/ disposal; and
    • consideration received/paid
  • Details of CGT assets acquired, including the purchase price and other related costs.
  • Lease commitments
  • Debtors on hand at the end of the financial year
  • Commercial debts forgiven
  • Division 7A interest and repayments made on any prior year loans to shareholders and associates

Other Information Required

  • Franking account details/ movements
  • Overseas transactions with related parties, exchange gains/losses
  • Exchange gains/losses
  • Private companies - remuneration or loans to directors, shareholders and their relatives
  • Changes to the capital of the company
  • Whether family trust elections have been made in relation to trusts
  • Consider if a group of companies should consolidate for tax purpose

 

 



22nd-June-2006