INDIVIDUAL TAX RETURN CHECKLIST
(Office Use)
Client Name:
Prepared by:
Accounting Year:
Checked by:
Start Date:
CLIENT DETAILS:
Have you checked with the appropriate person WHAT ENTITY you should INPUT YOUR TIME to in the
tim ledger? (Firm policy is to bill the main company of the group)
YES
Client Reference _______________________
□
Have you checked if client was referred and a cheque needs to be raised for $150 to referee? YES
□
Current Home Address:
If Fee from Refund – Postal Address to be [Firm Name]
Telephone Number:
Spouse Name:
Email Address:
Occupation:
Questions to ask Client:
1
2
3
4
5
6
7
8
Notes for & General Notes:
Cleared
INCOME - all items relate to the 2011/2012 year – Introduction
TR
Code
Please mark "y" "n" or "n/a" where relevant -
Link
1&2
Salary / Wages /Director’s fee and other allowances?(ensure RFBA is
included in tax return) Pro-rata tax free threshold if ceased or begin
residency
Link
3&4
Lump Sum or Employment termination payments due to roll-over,
termination, compensation or legacy? If YES go to "ETP Worksheet"
Link
Link
5
Commonwealth of Australia government allowance & payments such
as Newstart, youth allowance & Austudy
Link
6
Australian government Pensions / allowance? If YES, calculate the undeducted purchase price. Check the deductible amount and the 15%
tax offset
Link
7
Australian annuities and superannuation income streams. Check any
entitlement to tax offset
Link
8
Australian superannuation lump sum payments
Link
9
Attributed Personal Services Income
Link
10
Interest
Interest for Non-residents? Did you pay 10% withholding tax?
NB: do not report interest from First Home Saver Accounts
Link
11
Dividends?
(Check details from website if payment advice is missing)
Link
12
Employee Share Scheme
Link
13
Partnership, Trust distribution or a managed investment trust fund
payment? (Unit, Cash Management, Deceased Estate) Claim any
directly related deductions in the deductions area of this section.
Link
14
Personal Services Income – Did the client pass PSI tests? If no,
complete item 15 of tax return. PSI Losses to be claimed at D15
Label J – Other Deductions.
Link
15
Business? If YES go to "Sole Trader Worksheet"
Check for the following items:
- Look into clients’ situation to see if client satisfy Small business entity
concessions, refer P10 for details.
- Does the client satisfy small business entity concessions? If YES the
following criteria must be met.
* They must be carrying on a business
* They must have an aggregated turnover of less than $2 Million
- Is the client registered for GST? - If YES ensure all income &
expenses are GST exclusive
- Check gross income reconciles back to BAS
- Check Wages reconciles with BAS and PAYG Summary
- Check on PAYG Summary for allowance paid
- Check super contribution
- Check GST has been taken up for sale of capital asset
- Check private % has been taken out for all expenses. e.g. motor
vehicle expenses
- Review depreciation schedule and check eligibility for the investment
allowance
- Compare income and expenses with prior year tax return and note
any large variance.
- Check for prior year tax losses carried forward
P2P19
16
Prepared By
Checked By
Link
Link
Has your sole trader business worksheet made a loss and your
adjusted taxable income is < $250,000? (if YES ensure the business
Disclaimer: These notes are intended to be a guide only. Business Intranet Systems Pty. Ltd. (BIS), its directors, employees and consultants expressly disclaim any and all liability to any
person, whether a purchaser or not, for the consequences of anything done or omitted to be done by any such person relying on a part or the whole of the contents. Do not act on the
information without first obtaining specific advice regarding your particular circumstances from a tax professional.
© 2012 Business Intranet Systems Pty Ltd. This document is protected by international copyright laws. It is for your internal use only. Unauthorised distribution or reproduction of this
information, or any part of it, may result in severe civil and criminal penalties, and will be prosecuted to the maximum extent possible under the law.
meets at least one of the four tests below)
-Check for prior year deferred losses.
i. Assessable income test - the activity produces
income of at least $20,000
assessable
Link
ii. Profit test - the activity has produced a profit in 3 out of the past 5
years (including the current year)
Link
iii. Real property test - the value of real property or interest in real
property (i.e. land & buildings), used in the business is at least
$500,000.
Link
iv. Other assets test - the value of certain other assets (excluding
cars, motorcycles and similar vehicles) used in the business, is at least
$100,000.
Link
Alternatively, check the eligibility for getting the Commissioner’s
discretion.
Link
(P9)
Did this business (inc Partnership) have a deferred loss last year? If
YES do they meet one of the criteria to offset the loss against business
income in 20112 (Ensure relevant sections are completed in tax
return)
Link
17
Net farm management deposits or withdrawals
Link
18
Did the client dispose of any assets during the year? (e.g. Shares,
land) or
Did the client receive any capital distribution from managed funds?
NOTE 1: If asset was acquired before 1st October 1999 and was held
for at least a year before sale then the 50% disc on CGT will apply, or
the difference between the sale price and the frozen indexed cost base
as at 21 Sept 1999.
NOTE 2: If property purchased after 7.30pm (ACT time) on May 13,
1997 need to add back depreciation when disposing rental property.
NOTE: Building/Structural Allowance is to be added back regardless
if the 2.5% PC Building write off deduction has been claimed or
not.
NOTE 3: If the client sold their home, was a business conducted from
that home or was that home used to carry on a business? - if YES
there may be CGT implications
Link
Check any Capital Losses Carried Forward
19
Foreign Entities
Link
20
Foreign Source income, asset or property – include foreign
employment income and pension, net foreign rental income and
distribution from managed funds. You may need to convert to
Australian currency
Check whether foreign tax credits are applicable.
Link
21
Rental Income* (ATO focus audit area)
Link
Address
Purchase
Date
Ownership
Trust
(Y/N)
1
2
3
4
Disclaimer: These notes are intended to be a guide only. Business Intranet Systems Pty. Ltd. (BIS), its directors, employees and consultants expressly disclaim any and all liability to any
person, whether a purchaser or not, for the consequences of anything done or omitted to be done by any such person relying on a part or the whole of the contents. Do not act on the
information without first obtaining specific advice regarding your particular circumstances from a tax professional.
© 2012 Business Intranet Systems Pty Ltd. This document is protected by international copyright laws. It is for your internal use only. Unauthorised distribution or reproduction of this
information, or any part of it, may result in severe civil and criminal penalties, and will be prosecuted to the maximum extent possible under the law.
5
NOTE: Pre-purchase inspection, travel or investment advice is nondeductible and cannot be capitalised.
Other areas to be aware of:
Special Body Corporate Levies not deductible
Fees paid on deposit bond and bank guarantees not deductible
Note: Check Land Tax threshold, lodge land tax return for assessment
if necessary.
2011/2012 Thresholds are:
NSW tax – free threshold $396,000
QLD tax –

Resident Individual – free threshold $599,999

Companies, trusts and absentees – free threshold: $349,999
VIC tax – free threshold $249,999
SA tax – free threshold $300,000
TAS tax – free threshold $24,999
WA tax – free threshold $300,000
ACT – no tax free threshold
For electronic rental schedule refer to “RENTAL PROPERTY
STATEMENT WORKSHEET”
22
Bonuses from life insurance companies and friendly societies
Link
23
Forestry managed investment scheme income.
24
Other Income - Jury Service, Sickness & Accident policy payments,
foreign exchange gain, scholarship awards
(Check Tax Agent Portal for interest remitted by ATO)
Link
EXPENSES
D1
Work related car deductions?
Link
RATES FOR 2011 / 2012 INCOME YEAR
Small car - not exceeding 1600cc = 63 cents per KM
Medium car - exceeding 1600cc but not 2600cc = 74 cents per KM
Large car - exceeding 2600cc = 75 cents per KM
Logbook Method – Business % ________
Check MTG for other 2 methods if above methods do not apply
D2
Did client incur any expenses for travel relating to their work, including
accommodation, meals, incidentals etc (A diary must be kept if travel
is for 6 nights or more in a row)
Link
D3
Does the client have a logo uniform or wear protective clothing?
Does the client work outdoors, if so have they incurred expenses in
relation to protection from sunlight ( sunscreen, sunglasses etc)
*Tinted Prescription sunglasses can be claimed in D3 and T9
Link
D4
Has the client incurred any self education expenses - If so ensure it
directly relates to their current employment
Link
Has the client incurred any of the following work related expenses:-
Link
D5
Disclaimer: These notes are intended to be a guide only. Business Intranet Systems Pty. Ltd. (BIS), its directors, employees and consultants expressly disclaim any and all liability to any
person, whether a purchaser or not, for the consequences of anything done or omitted to be done by any such person relying on a part or the whole of the contents. Do not act on the
information without first obtaining specific advice regarding your particular circumstances from a tax professional.
© 2012 Business Intranet Systems Pty Ltd. This document is protected by international copyright laws. It is for your internal use only. Unauthorised distribution or reproduction of this
information, or any part of it, may result in severe civil and criminal penalties, and will be prosecuted to the maximum extent possible under the law.
i. Tools & Equipment (e.g. Computer, printer)
Depreciate if over $300
Link
ii. Home Office
iii. Union Fees
iv. Overtime Meal (Only claimable if PAYG Summary has Meal
Allowance)
v.
Telephone/Mobile/Internet? (Check for private %)
vi.
Stationery/Journals/Publications/Briefcases?
Seminars
D6
Low-Value pool deduction:
- Low-cost assets: assets ≤ $1,000
- Low-value assets: assets greater than $1,000
Link
D7
Interest Deductions?
Link
D8
Dividend Deductions?
Note: Share Software to be Depreciated over effective life
Link
D9
Gifts or Donations?
Did the client participate in any fund-raising events organised by
Deductible Gift Recipient?
Must satisfy:
1) Contribution more than $150.
2) If it was property, either:
- purchased it within 12 months of making the contribution, or
- owned it for more than 12 months and the Australian Valuation
Office (AVO) valued it at more than $5,000.
3) The fund-raising event was held in Australia.
4) The market value of the minor benefit you received for your
contribution was worth no more than $150 or 20% of the value of
the contribution, whichever is less. The receipt from the eligible
organisation will show the market value of the minor benefit you
received.
Link
Did the client make a gift of shares to an eligible organisation?
Must satisfy
1) The shares must be in a company that is listed on an approved
Australian stock exchange on the day the gift is made.
2) You must acquire the shares at least 12 months before making the
gift.
3) The shares must have a market value of $5,000 or less on the day
you make the gift.
4) The parcel of shares must be valued at $2 or more.
D10
Cost of Managing tax affairs? Including travel to accountants office
(request how many kilometres & engine size) and ATO Interest Paid.
Link
Link
D11
Deductible amount of un-deducted purchase price of a foreign
pension or annuity
Personal superannuation contribution
[Ensure your client has completed a Notice of Intent to claim
superannuation contributions] Refer to “Deduction for Superannuation
contribution” for a pro forma version.
Link
Deduction for Project Pool
Link
Forestry managed investment scheme deduction
Link
D12
D13
Link
Disclaimer: These notes are intended to be a guide only. Business Intranet Systems Pty. Ltd. (BIS), its directors, employees and consultants expressly disclaim any and all liability to any
person, whether a purchaser or not, for the consequences of anything done or omitted to be done by any such person relying on a part or the whole of the contents. Do not act on the
information without first obtaining specific advice regarding your particular circumstances from a tax professional.
© 2012 Business Intranet Systems Pty Ltd. This document is protected by international copyright laws. It is for your internal use only. Unauthorised distribution or reproduction of this
information, or any part of it, may result in severe civil and criminal penalties, and will be prosecuted to the maximum extent possible under the law.
D14
Other Deductions – eg: Income Protection & Sickness Insurance, PSI
Losses and post cessation business expense
D15
Link
TAX OFFSETS
T1
Spouse
Child-housekeeper
Housekeeper
Link
T2
Senior Australian (SATO)
Link
T3
Pensioner (claim if client is of pension age but not able to claim SATO)
Link
T4
Australian superannuation income stream (15% Rebate)
Link
T5
30% Private Health Insurance - Does the client have Private Health
Insurance? If YES request the private health insurance statement for
2011 to advise us of necessary information. Check Tax Offset
Link
T7
Superannuation contributions on behalf of your spouse - Did you
contribute to a superfund on behalf of your spouse?
Link
T8
Zone or Overseas forces
Link
T9
Medical Expense rebate - (Did the clients net medical expenses
exceed $2,060.00). If YES ensure 20% rebate is claimed for amount
over $2,060.00 – ensure it is paid to a legally qualified medical
practitioner
Link
T10
Parent, spouse’s parent or invalid relative
Link
T11
Land care and water facility
Link
T12
Mature Age Worker Tax Offset
Is the client over age 55?
Link
T13
Entrepreneur Tax Offset
Link
T14
Other Tax Offsets – Please specify
Link
M1
Medicare levy reduction or exemption
Link
M2
Medicare levy surcharge (if client not covered by hospital cover for the
full year, check if surcharge applies) Complete Spouse details if
applicable. Check leap year.
Link
A1
Under 18 excepted net income
Link
A2
Part Year Tax – free threshold – beginning or ending residency
Link
A3
Super co-contribution
Link
A4
Amount on which family trust distribution tax has been paid
From July 1, 2009 Family Tax Benefits are claimed from Medicare
Offices and Family Assistance Office.
Do you have a HECS/HELP Debt or are you part of the Student
Financial
Supplement Scheme (SFSS) If YES ensure debt is included in return
Check Tax Agent Portal
Link
Check if client has paid any PAYG Instalments
Link
Check client’s last year taxable income
Check whether client is eligible for Super Co-contribution
Note: NOT required to report in the tax return
Link
Disclaimer: These notes are intended to be a guide only. Business Intranet Systems Pty. Ltd. (BIS), its directors, employees and consultants expressly disclaim any and all liability to any
person, whether a purchaser or not, for the consequences of anything done or omitted to be done by any such person relying on a part or the whole of the contents. Do not act on the
information without first obtaining specific advice regarding your particular circumstances from a tax professional.
© 2012 Business Intranet Systems Pty Ltd. This document is protected by international copyright laws. It is for your internal use only. Unauthorised distribution or reproduction of this
information, or any part of it, may result in severe civil and criminal penalties, and will be prosecuted to the maximum extent possible under the law.
CREDIT FOR INTEREST ON TAX PAID
C1
You can claim for interest on certain early payment either by writing to
the Tax office for a direct payment or by completing this item, if you
have done the request, you do not need to claim it at this item.
Link
INCOME TESTS FOR INDIVIDUAL AND SPOUSE
IT1
Total Reportable Fringe Benefits Amount
Link
IT2
Reportable employer superannuation contributions
Link
IT3
Tax-free government pensions
Link
IT4
Target Foreign Income
Link
IT5
Net financial investment loss
Link
IT6
Net rental property loss
Link
IT7
Child support you paid
Link
SPOUSE’S ADDITIONAL INFORMATION
T
Your spouse’s share of trust income on which the trustee is assessed
under section 98, and which has not been included in your spouse’s
taxable income
Link
U
Distributions to your spouse on which family trust distribution tax has
been paid and which your spouse would have had to show as
assessable income if the tax had not been paid
Link
P
Amount of Australian Government pensions and allowances received
by your spouse
Link
Q
Amount of your spouse’s exempt pension income
Link
A
Amount of your spouse’s reportable superannuation contributions
Link
B
Your spouse’s amount of any tax-free government pensions paid
under the Military Rehabilitation and Compensation Act 2004 that have
not been included at Q
Link
Your spouse’s taxed element of a superannuation lump sum for which
the tax rate is zero
Link
F
Disclaimer: These notes are intended to be a guide only. Business Intranet Systems Pty. Ltd. (BIS), its directors, employees and consultants expressly disclaim any and all liability to any
person, whether a purchaser or not, for the consequences of anything done or omitted to be done by any such person relying on a part or the whole of the contents. Do not act on the
information without first obtaining specific advice regarding your particular circumstances from a tax professional.
© 2012 Business Intranet Systems Pty Ltd. This document is protected by international copyright laws. It is for your internal use only. Unauthorised distribution or reproduction of this
information, or any part of it, may result in severe civil and criminal penalties, and will be prosecuted to the maximum extent possible under the law.
FINANCIAL HEALTH CHECK
41
Please mark "y" "n" or "n/a" where relevant Do you have tax deductible Income Protection Insurance
LinkBy
Prepared Checked
By
Income Protection Insurance covers you 24 hours in a day, at work or home,
even on your holidays. Pays you a wage if you become ill or unable to work.
If NO, refer to Insurance contact using the "Client Referral" file.
42
Do you have life insurance or Trauma Insurance
Life Insurance - to protect your family in case something happens to
you Trauma Insurance - pays you a lump sum upon illness, e.g. heart
attack, etc...
If NO, refer to Insurance contact using the "Client Referral" file.
43
Do you have a mortgage?
IF YES - how many years to go? And what's current interest rate. AND
Would you like a free appointment with our finance company? They
are a research company who find the cheapest loans at NO cost to the
client.
If YES, refer to Finance contact using the "Client Referral" file.
If NO Do you plan on purchasing a new home in the near future?
44
Does the client have investments, would they like a financial
planner to check on the progress of their growth?
If YES, refer to a Financial Planner using the "Client Referral" file.
45
Is the client interested in minimising their tax via gearing or
salary sacrifice?
If YES, see a partner or Financial Planner.
46
When do you plan on retiring?
If within 6 months, refer to a Financial Planner.
If the client is close to 60, they may wish to see a Financial Advisor to
look at their rollover superannuation money.
If YES, refer to a Financial Planner using the "Client Referral" file
47
Does the client have superannuation? If YES, are they happy with
its performance? Would they like it reviewed by a Financial Planner
free of charge?
If YES, refer to Financial planning contact
48
Do you have a will (both private and business)?
If NO would you like a solicitor to prepare one for you?
Disclaimer: These notes are intended to be a guide only. Business Intranet Systems Pty. Ltd. (BIS), its directors, employees and consultants expressly disclaim any and all liability to any
person, whether a purchaser or not, for the consequences of anything done or omitted to be done by any such person relying on a part or the whole of the contents. Do not act on the
information without first obtaining specific advice regarding your particular circumstances from a tax professional.
© 2012 Business Intranet Systems Pty Ltd. This document is protected by international copyright laws. It is for your internal use only. Unauthorised distribution or reproduction of this
information, or any part of it, may result in severe civil and criminal penalties, and will be prosecuted to the maximum extent possible under the law.
INTEREST RECEIVED
Name of Bank
Account No.
Total Interest
Received $
TFN Withholding $
Joint Account?
TOTAL
Disclaimer: These notes are intended to be a guide only. Business Intranet Systems Pty. Ltd. (BIS), its directors, employees and consultants expressly disclaim any and all liability to any
person, whether a purchaser or not, for the consequences of anything done or omitted to be done by any such person relying on a part or the whole of the contents. Do not act on the
information without first obtaining specific advice regarding your particular circumstances from a tax professional.
© 2012 Business Intranet Systems Pty Ltd. This document is protected by international copyright laws. It is for your internal use only. Unauthorised distribution or reproduction of this
information, or any part of it, may result in severe civil and criminal penalties, and will be prosecuted to the maximum extent possible under the law.
DIVIDENDS RECEIVED
Name of Company
Unfranked
Amount
Franked
Amount
Imputation
Credit
TFN Tax
withheld
Total
Disclaimer: These notes are intended to be a guide only. Business Intranet Systems Pty. Ltd. (BIS), its directors, employees and consultants expressly disclaim any and all liability to any
person, whether a purchaser or not, for the consequences of anything done or omitted to be done by any such person relying on a part or the whole of the contents. Do not act on the
information without first obtaining specific advice regarding your particular circumstances from a tax professional.
© 2012 Business Intranet Systems Pty Ltd. This document is protected by international copyright laws. It is for your internal use only. Unauthorised distribution or reproduction of this
information, or any part of it, may result in severe civil and criminal penalties, and will be prosecuted to the maximum extent possible under the law.