Tax Checklist
- Save Time and Cost on your Accounting Bill

When supplying information to your accountant to prepare your financial statements and tax return, it is important to be organised with all the necessary documentation. This will avoid a situation of "to-ing & fro-ing" to gather missing information, all of which adds to the cost.

To keep your accounting costs to a minimum and to improve the turnaround time, we have detailed below the documents and information that should be provided.

Documents such as:

	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 30 June.
	Details of any debts, which are bad or considered doubtful.
	A copy of the Payment Summary Statement and individual Payment Summaries for employees.
	Copies of monthly or quarterly Business Activity Statements.
	Any new hire purchase or lease agreements, chattel mortgages or loans entered into during the year.
	Details of any private portion of expenses (telephone, travel, motor vehicles expenses, light and 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.

Therefore be organized and get value for money on tax planning issues and business development by checking off the above items relating to your business.

The above is a general overview only and should you have any specific queries please contact your usual Patison Partners tax adviser.