INDIVIDUAL TAX RETURN CHECKLIST
(Office Use)
Client Name:
«firstname» «lastname»
Prepared by:
Accounting Year:
2010
Checked by:
Start Date:
«date»
CLIENT DETAILS:
Have you checked with the appropriate person WHAT ENTITY you should INPUT YOUR TIME to in the
time ledger? (Firm policy is to bill the main company of the group)
Client Reference ____________
Current Home Address:
YES
□
«address1» «address2»
If Fee from Refund – Postal Address to be C&N
Telephone Number:
«bizphone»
Spouse Name:
«relatedRef»
Email Address:
«email»
«homephone»
«mobile»
Occupation:
Queries to ask Client:
Cleared
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2
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5
6
Notes for 2010 & General Notes:
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.
© 2006 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.
INCOME - all items relate to the 2008/2009 year – Introduction
TR
Code
Please mark "y" "n" or "n/a" where relevant -
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1&2
Salary / Wages /Director’s fee and other allowances?(ensure RFBA is
included in tax return)
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3&4
Lump Sum or Eligible termination payments due to roll-over,
termination, compensation or legacy? If YES go to "ETP Worksheet"
(All ETP’s to be included, see ATO web for those paid 12mths
after termination)
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5
Commonwealth of Australia government allowance & payments such
as Newstart, youth allowance & Austudy
6
Australian government Pensions / allowances? If YES, calculate the
un-deducted purchase price. Check the deductible amount and the
15% tax offset (If client is over 60 years do not include)
7
Australian annuities and Superannuation income streams (If client is
over 60 years do not include )
8
Australian Superannuation Lump Sum Payments
9
Attributed Personal Services Income
10
Reportable Fringe Benefit Amounts
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11
Interest ( Also check Tax Agent Portal for interest paid by ATO)
Interest for Non-residents? Did you pay non-res. withholding tax?
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12
Dividends? (or Friendly Society Bonuses)
(Check details from website if payment advice is missing)
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13
Partnership or Trust distribution? (Unit, Cash Management, Deceased
Estate) Claim any directly related deductions in the deductions area of
this section.
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14
Personal Services Income – Did the client pass PSI tests? If no,
complete item 13 of tax return. PSI Losses to be claimed at D15
Label J – Other Deductions.
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15
Business? If YES go to "Sole Trader Worksheet"
Check the ATO web (or link) to see if the client
is eligible for the Small Business Entity Concessions
P2P19
Link
Link
- 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. eg motor
vehicle expenses
- Compare income and expenses with prior year tax return and note
any large variance.
- Check for prior year losses carried forward
16
Has you sole trader business worksheet made a loss? (if YES ensure
this business meets at least one of the four tests below to ensure it
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Prepared
By:
Checked
By:
isn't classified by ATO as a hobby)
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i. Assessable income test - the activity produces an assessable
income of at least $20,000
ii. Profit test - the activity has produced a taxable income in 3 out of
the past 5 years
iii. Real property test - the value of real property (i.e. land &
buildings), used in the business is at least $500,000.
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
(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 2009? (Ensure relevant sections are completed in
tax return)
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17
Net farm management deposits or withdrawals
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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 2000 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 2000.
NOTE 2: If property built after May 1998 need add back depreciation
when disposing rental property. NOTE: Building/Structural Allowance
is to be added back regardless if the 2.5% PC Depn expense has
been claimed or not.
NOTE 3: If the client sold their home, did they ever claim a deduction
for a business conducted from that home? (e.g. Interest) if YES there
may be CGT implications
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Check any Capital Losses Carried Forward
19
Foreign Entities
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20
Foreign Source income, asset or property – include foreign
employment income and pension, distribution from managed funds.
You may need to convert to Australian currency
Check whether foreign tax credits are applicable.
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Link
21
Rental Income* (ATO focus audit area)
Address
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2
3
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5
Purchase
Date
Ownership
Trust
(Y/N)
Link
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 now deductible
Note: Check Land Tax threshold, lodge land tax return for assessment
if necessary.
NSW tax – free threshold $359,000 ( most trusts have NIL threshold )
QLD tax – free threshold $350,000 ( trust ) $599,999 ( individuals )
ACT tax – no free threshold
VIC tax – free threshold $225,000
SA tax – free threshold $110,000
TAS tax – free threshold $25 000
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WA tax – free threshold $250,000
21
Bonuses from life insurance companies and friendly societies
22
Other Income - Jury Service, Employee Share Plan, Sickness &
Accident policy payments, foreign exchange gain, scholarship awards
23
Forestry Managed Investment Schemes (FMIS)
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EXPENSES
D1
Work related car deductions?
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NOTE: Depreciation for MV as of 10/5/07 is 25% DV
RATES FOR 200? / 200? INCOME YEAR
Small car - not exceeding 1600cc = 58 cents per KM
Medium car - exceeding 1600cc but not 2600cc = 69 cents per KM
Large car - exceeding 2600cc = 70 cents per KM
Logbook Method – Business % ________
Check MTG for other 2 methods if above methods does 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 more than 6 nights in a row)
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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
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D4
Has the client incurred any self education expenses - If so ensure it
directly relates to their current employment
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Has the client incurred any of the following expenses:-
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D5
i. Tools & Equipment (e.g. Computer, printer)
Depreciate if over $300
ii. Home Office
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iii. Union Fees
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iv. Overtime Meal (Only claimable if Grp Cert has Meal Allowance)
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v. Telephone/Mobile/Internet? (Check for private %)
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vi. Stationary/Journals/Publications/Briefcases?
vii. Seminars
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D7
Interest & Dividend Deductions? ( eg: share trading courses)
Note: Share Software to be Depreciated at effective life of 2.5 yrs
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D8
Gifts or Donations?
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Did the client participate in any fund-raising events organised by
Deductible Gift Recipient? Must satisfy: 1) Contribution more than
$250 &
2) Value of benefit must NOT exceed $100 and 10% of contribution
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D9
Cost of Managing tax affairs? Including travel to accountants office
(request how many kilometres & engine size)
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D10
Australian Film Incentives?
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D11
Deductible amount of un-deducted purchase price of a foreign
pension or annuity
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D12
Personal Superannuation Contributions (need fund details)
D13
Deduction for Project Pool
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D14
Forestry Managed Investment Scheme Deductions (FMIS)
D15
Other Deductions – eg: Income Protection & Sickness Insurance, PSI
Losses and post cessation business expense
Note: All Other deductions are likely to trigger an audit
TAX OFFSETS
T1
Spouse
Child-keeper
Housekeeper
Link
Link
Link
T2
Senior Australian
Link
T3
Pensioner (claim if client is of pension age but not able to claim SATO)
Link
T4
Superannuation Annuity & Pension (15% Rebate)
Link
T5
30% Private Health Insurance - Does the client have Private Health
Insurance? If YES request the private health insurance statement for
2006 to advise us of necessary information. Check Tax Offset
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T6
Ongoing baby bonus claim - Were any of the children born after 1 July
2002 and before 1 July 2005? If YES calculate Baby Bonus and
complete baby bonus schedule in tax return. Check Base Year and
number of eligible days
*Baby Bonus is phasing-out from 1 July 2005
(See new Maternity Payment)
Maternity Payment and future child care benefits are claimed with
Centrelink or FAO but not the tax system
NOTE
30 % Childcare Tax Rebate:Change in 2007/2008 budget sees the FAO processing payment – not
done through the tax return / ATO
T7
Superannuation contributions on behalf of your spouse - Did you
contribute to a superfund on behalf of your spouse? If so, is your
spouse’s taxable income less than $13,800, if YES how much did you
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contribute?
T8
Zone or Overseas forces
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T9
Medical Expense rebate - (Did the clients net medical expenses
exceed $1,500 EXCLUDING Cosmetics etc.). If YES ensure 20%
rebate is claimed for amount over $1,500 – ensure it is paid to a
legally qualified medical practitioner
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Link
T10
Parent, spouse’s parent or invalid relative
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T11
Land care and water facility
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T12
Mature Age Worker Tax Offset – computer automatically calculates if
applicable
Is the client over age 55? Is net income from WORKING less than
$63,000?
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T13
Entrepreneurs Tax Offset
T14
Other Tax Offests – See ATO
M1
Medicare levy reduction or exemption
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M2
Medicare levy surcharge ( if client not covered by hospital cover for the
full year, check if surcharge applies) Complete Spouse details if
applicable.
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A1
Under 18 excepted net income
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A2
Part Year Tax – free threshold – for ceased being a full time student,
beginning or ending residency, tax free NO LONGER APPLICABLE
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Is the client receiving all their entitlements relating to their children or
partner through the Family Assistance Office (FAO)?
If NO: Please request the following details for Partner & children
Check Tax Agent Portal for FAO status
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Name and Date of Birth of ALL
Name
Date of Birth
Income
(Complete relevant details relating to Family Tax Benefit (FTB) in tax
return check thresholds in Taxpack to ensure client in entitled)
Do you have a HECS Debt or are you part of the Student Financial
Supplement Scheme (SFSS) If YES ensure debt is included in return
Check Tax Agent Portal
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Check if client has paid any PAYG Instalments
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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
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