Last updated June 2011

Companies, Partnerships, Trusts and Other Businesses

At the end of the year, your accountant needs to work out a lot of things for you (examples are below). In order for you to make this process easier, please provide the following information:

• Backup copies of any relevant computer files and advise us of what version of software you are using and any password.
• Bank statements for the period 1 July to 30 June. Alternatively, if a bank reconciliation has been prepared the statement at 30 June should be sufficient.
• Term Deposit notices.
• Dividend slips for dividends received during the year. Alternatively, a summary of dividends received should be provided detailing franked, unfranked and imputation credit amounts.
• Copies of any contract notes for listed or unlisted shares or units in unit trusts purchased or sold during the year.
• Closing stock on hand values at year end.
• List of trade creditors and trade debtors at year end.
• Livestock numbers held at 30th June.
• Details of any debts, which are bad or considered doubtful.
• A copy of the Payment Summary Statement and individual Payment Summaries for employees.
• A copy of your Private Health Insurance Annual Tax Statement.
• Copies of monthly or quarterly Business Activity Statements.
• Any new hire purchase, lease agreements or loans entered into during the year.
• Details of any private portion of expenses (telephone, travel, motor vehicle expenses, light & power etc.)
• Copies of Log Books kept for motor vehicles.
• Copies of legal expenses invoices paid during the year to determine their tax deductibility.
• Details of any donations made during the year to determine their tax deductibility.
• Details of insurance expenses paid during the year.
• Details of any capital asset additions or disposals.
• Details of any business expenses paid personally by directors either by cash or credit card.
• Copies of any recipient generated invoices that relate to your income.

Examples of what your accountant needs to work out:

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).
• Details of CGT assets (e.g. stock and real estate) sold, including dates of, and costs associated with, acquisition and disposal.
• Dividends, including details of franking credits.
• Income from foreign sources, including details or foreign taxes paid.

Deductions

• Repairs and maintenance.
• 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.
• Prepaid expenses (subject to transitional rules)
• 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.
• Lease documents for motor vehicles, premises and equipment.
• Losses of previous years (or intra-group transfers).
• 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.
• Deductibility of any interstate or overseas trip. Note: Expenses must be fully documented where travel involves at least one night away from home. Travel diaries are needed where travel exceeds five nights.
• Research and development expenditure.
• Bank fees (where the credit or deposit represents assessable income).

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 at June 30
• 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
  - consideration received/paid
• Lease commitments.
• Debtors at June 30
• Commercial debts forgiven.

Additional Information Required

• Franking account details/movements
• Overseas transactions, 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.