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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
  • 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 year (or intra-group transfers)
  • Superannuation contributions
  • Subscriptions
  • Car expenses (remember to include petrol, repairs, parking and maintain log books)
  • Tax agents' fees and other accounting and tax audit fees
  • Royalties paid
  • Details of the purpose and destination of any interstate or overseas trip. Expenses must be fully documented where travel involves at least one night away from home. Travel diaries should be included where travel exceeds five nights.
  • Research and developmental expenditure. Bank fees (where the credit or deposit represents assessable income).
Income

  • Trading income
  • Other income (eg 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 (eg stock and real estate) sold, including dates of and cost associated with acquisition and disposal
  • Dividends including details of franked credits
  • Income from foreign sources including details of foreign taxes paid
Assets

  • Details of depreciable assets acquired and/or disposed of during the income year, including:
  • Type of assets
  • Date of acquisition/disposal
  • Consideration received/paid
  • Lease commitments
  • Debtors on hand at the end of the financial year
  • Commercial debts forgiven.
Liabilities

  • New loans taken out during the year and their purpose, including any new lease or hire purchase agreements
  • Statements form 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 on hand at the end of the financial year
  • Details of loan accounts to directors, shareholders, beneficiaries and partners
  • Accrued expenses (eg audit fees, interest payments)
  • 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.
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