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The Ultimate Australian Small Business Tax Checklist

No matter the size of your business, you will need to do a tax return every year. This is a non-negotiable. Now, depending on the size of your business and its complexity, the tax return you do will either be quite simple or will border on nightmarish. Of course, when you work with Go Figured, tax time is only ever a breeze – but we wanted to give you, the small business owner, a handy checklist of everything that you need to be across before tax time. That way, when you come to see us, you can simply bring all of this information along and we will take care of the rest for you.

Want to make an appointment prior to tax time to chat to our advisors? Get in touch with us on (07) 3608 4206 or contact us online now. We can make your EOFY 2019 a dream, not a nightmare! Chat to us about our bookkeeping, end of financial year and BAS services.

  • Income information from sales/services
    • This includes information from all bank statements
    • Cash drawings
    • Credit card statements
    • A list of your debtors and creditors current as of 30/06/2019
  • All interest received from investments and banks
  • Income or information from rented property for the business
    • Full information about rental income
    • Expenses from rental properties including cleaning, body corporate fees, taxes, maintenance etc
  • Shares owned or traded
    • Including dividends
  • Any plant or property which has been acquired or disposed of
    • Including dates and details of assets
  • Capital Gains Tax information
    • Details on personal or business assets acquired on or after 20/09/1985
  • GST information
    • Including any deductions
  • Any other income
  • Your annual turnover for the business
  • Employee payment summaries and figures
    • Including any government subsidies or payments
    • Salary sacrifice information
  • Petty cash
    • Expense items and summaries
  • Travel expenses
    • Diaries and documentation for travel
  • Insurance information
    • Details of your policies including premiums and cover
    • Any details of claims made
  • Motor vehicle information if used for business purposes
    • Include logbooks
    • Include vehicle expenses
    • Include business kilometres
  • Leased vehicles/plant equipment
  • Spouse incomes (if relevant)
  • Trust details and information

This is a list of much of the information that we will need to be able to complete your tax return successfully. In some cases, you won’t need all of this, and in other cases you’ll need more. It’s a case-by-case basis of consideration and requires careful understanding of taxation legislation and requirements. Which, in case you’re wondering, we have in spades.

Now, if you are reading this list and getting worried thinking that you do not have all of this information – call us. We can go through how you can either make plans for the next year, or compile the information in another way. We know the Australian Tax Office requirements inside and out and we can assist you in complying with the ATO’s procedures for your small business tax return.

Call us today to book your appointment on (07) 3608 4206 or contact us online and we will get back to you.


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