INDIVIDUAL INCOME TAX RETURN

Transcription

1 INDIVIDUAL INCOME TAX RETURN Income details for the ---- financial year. Did you earn any income through employment? Upload PAYGW certificate: Did you earn any allowances, tips or directors fees etc? Did you receive any lump sum payments? Did you receive any employment termination payments? Did you receive any Australian Government Allowances (Newstart, Youth Allowance, Austudy etc)? Did you receive any Australian Government Pensions or Allowances? Did you receive any other Australian Pensions or Annuities or Superannuation Lump Sum Payments? Income details for the ---- financial year: Did you earn any interest income from Australian Bank Accounts? Did you earn any dividend Income from Australian Shares? Did you receive any partnership or trust distributions? Upload all documentation now: Family Partnership or trust distribution details Income Tax & Capital Gains tax summaries for managed investment trust/funds & Forestry MIS.

2 Did you earn any business income? Upload Business information now: Copy of last years financial statements and depreciation schedules as prepared by previous accountant (new clients only). Back-up copy of QB or MYOB file reconciled to 30 June of the relevant financial year. Stock on hand schedule & value as at 30 June of relevant financial year excluding GST. Bank statements for the entire financial year Loan statements for the entire financial year BAS Statements for entire financial year Tax invoices and finance details relating to purchase, sale or trade in of any equipment or motor vehicles during the relevant financial year. Completed motor vehicle log book summary page For Primary Producers Only: Did you deposit into or withdraw funds from your farm management deposits scheme account during 20xx-20xx? Details of stock on hand of all types of livestock: CGT details for the financial year. Have you acquired or disposed of any capital assets (property, shares, other) during the financial year? Property: Upload Contracts & Solicitor s settlement statements for purchase & or sale, details of legal fees paid, stamp duty & agent s statement of commission on sale. Shares: Upload all contracts for purchase and sale for every share, & if you participated in a dividend reinvestment plan details as to share allotment & price paid per share (details available on each participating dividend statements) now. Other Assets: Upload details of purchase (e.g. tax invoice), date of purchase, & details of sale of asset (e.g. tax invoice) now. Foreign Source Income & entity details for the financial year.

3 Foreign Entities: Did you have either a direct or indirect interest in a controlled foreign company (CFC)? Including money - or services to a non-resident trust estate? Have you ever either directly or indirectly caused the transfer of property Did you have an interest in a foreign investment fund (FIF) or a foreign life assurance policy (FLP) Foreign Source Income & Foreign Assets or Property: Did you earn any foreign income? Upload details regarding: Foreign Employment Income & foreign tax paid. Foreign Rental Income & Expenses. Other foreign source income (e.g. interest & dividends Foreign tax paid Australian franking credits from a New-Zealand Company During the year did you own, or have an interest in assets located outside Australia which had a total value of AUD $50,000 or more? YES / NO Rent, bonuses from life Insurance, Forestry MIS & Other Income for the financial year.

4 Rental Income: Did you earn rental income or was your property available for rent? Upload details regarding all rental income & expenses including Agents statements & loan statements for the year, & if available, a copy of the tax depreciation report. Bonuses from life insurance Did you receive a bonus from a life insurance policy or friendly society bond? Forestry managed investment schemes (FMIS): Did you receive income from a FMIS? Upload details regarding: Receipts & expenses Manager s statements as to income & expenses paid Other Income During the year did you receive any other income? Upload details regarding: Amounts released by superannuation funds greater than the excess contributions tax liability. Discounts on shares etc acquired under an employee share scheme. Lump sum payments in arrears Any other income please advise. WORK RELATED EXPENSES INCURRED DURING YEAR. MOTOR VEHICLE EXPENSES Yes / No If yes please supply details of logbook and business % along with expense details. If no logbook please contact accountant to use other method of claiming motor vehicle expenses IE set rate or 12% of cost ect. TRAVEL EXPENSES UNIFORMS, PROTECTIVE CLOTHING AND LAUNDRY SELF EDUCATION EXPENSES

5 OTHER WORK RELATED EXPENSES IE UNION FEES, HOME OFFICE, SUBSCRIPTIONS, TOOLS OF TRADE, JOURNALS AND REFERENCE BOOKS. INTEREST DEDUCTIONS FOR INVESTMENTS IE MARGIN LOANS OR LOANS TAKEN OUT FOR INVESTMENTS GIFTS AND DONATIONS COSTS OF MANAGING TAX AFFAIRS ANY OTHER DEDUCTIONS HECS/HELP loans If you have loan then upload assessment notice at year ended 30/06/. Rebates/Offsets EDUCTION TAX REFUND Y/N GIVE DETAILS OF EXPENSEs PAID FOR YEAR ZONE REBATE (Details of where you spent your time in days) MEDICAL EXPENSES SUPPLY DETAILS FROM PRIVATE HEALTH INSURANCE COMPANY, MEDICARE AND YOUR PHARMACIST, OPTOMETRIST ect. PRIVATE HEALTH INSURANCE UPLOAD STATEMENT AT 30/06/20-- SPOUSE AND DEPENDENT DETAILS SPOUSE NAME DATE OF BIRTH TAXABLE INCOME IF KNOWN DEPENDENTS NAME RELATIONSHIP TO TAXPAYER DATE OF BIRTH IS DEPENDENT A STUDENT? High school or primary school or preschool Student income for year

6 2011 Client Substantiation Declaration I confirm that you have advised me that I must demonstrate that I have incurred an expense for income producing purposes. In addition, you have advised me of the stringent SUBSTANTIATION legislation I must satisfy in relation to work, car and business travel expenses. In addition, you have informed me that I must obtain original receipts and keep them for a minimum of five years from the date my return is lodged. The receipts must contain the following details: name of supplier; amount of expense; nature of goods and services (noting the specific type of items purchased or expenditure incurred which I am able to personally record up to the date of lodgment of my return where not adequately noted by the supplier); date of expense (which I am able to personally record where not noted by the supplier); and the date of the documents. Penalties to apply with incorrect returns You have also advised me that additional tax, penalties, interest and possible prosecution action may be taken against me by the ATO if I provide details which lead to an incorrect tax return being lodged. Income from sources in and out of Australia for the year of income You have advised me that as an Australian resident I must declare income from all sources, in and out of Australia, including net capital gains received, for the year of income in my tax return. Apportionment Where items are used for both business and private purposes, e.g., car, mobile telephone, home telephone, computer etc, I have records to verify my business usage claim. In addition, my employer will verify that it was necessary to incur such expenditure in earning my assessable income. Further, I have instructed you to prepare the return based on me being able to produce these records, if required. Audit matters I further confirm that: I. I am aware of the procedures to follow if a document is lost or destroyed; II. III. IV. I may be required to verify any income or expense item noted in my return in the event of an ATO audit; I understand the Substantiation schedules I completed for all work, car and travel expense claims under self-assessment; and I have read and understood the return prepared for me. I declare that: a. I have disclosed and you have returned all of the income, including net capital gains which I have earned/received, for the 2011 income year. b. All income declared, claims for deductions and tax offsets/rebates included in my return are based on my specific instructions and advice that I satisfy the relevant taxation requirements. c. I have all receipts or documentation necessary to substantiate the above claims and I will make them available if required by the Tax Office; and d. You have clarified what written evidence (including car/travel records) will be required during an audit and penalties, (including prosecution) that may be applied if incorrect claims are identified in an audit situation. Dated the... day of Signature of taxpayer

7 CLIENT ENGAGEMENT This brochure is to confirm our understanding of the terms of our engagement and the nature and limitations of the services we provide. Purpose, Scope and Output of the Engagement This firm will provide accounting and or taxation services which will be conducted in accordance with the relevant professional and ethical standards issued by the Accounting Professional and Ethical Standards Board Limited (APESB). The extent of our procedures will be limited exclusively for this purpose. As a result, no audit or review will be performed and accordingly, no assurance will be expressed. Our engagement cannot be relied upon to disclose irregularities including fraud, other illegal acts and errors that may exist. However, we will inform you of any such matters that come to our attention. Our professional services are conducted and the financial statements & or tax returns will be prepared for distribution to the relevant specific organisation or party for the purpose specified in the report or as agreed. We disclaim any assumption of responsibility for any reliance on our professional services to any party other than as specified or agreed and for the purpose which it was prepared. Where appropriate, our report will contain a disclaimer to this effect. Responsibilities In conducting this engagement, information acquired by us in the course of the engagement is subject to strict confidentiality requirements. That information will not be disclosed by us to other parties except as required or allowed by the law, or with your express consent. We wish to advise that our firm s system of quality control has been established and maintained in accordance with the relevant APESB standard. As a result, our files may be subject to review as part of the quality control review program of the Institute of Chartered Accountants in Australia which monitors compliance with professional standards by its members. We advise you that by accepting our engagement you acknowledge that, if requested, our files relating to this engagement will be made available under this program. Should this occur, we will advise you. Clients are required to arrange for reasonable access by us to relevant individuals and documents, and to be responsible for both the completeness and accuracy of the information supplied to us. Fees The fee arrangement is based on the expected amount of time and the level of staff required to complete the accounting & taxation services as agreed. This fee arrangement may be subject to change if the scope of engagement changes due to items coming to light after the engagement commences

8 Limitation of Liability Our liability is limited by a scheme approved under Professional Standards Legislation. Further information on the scheme is available from the Professional Standards Councils website: Ownership of Documents All original documents obtained from the client arising from the engagement shall remain the property of the client. However, we reserve the right to make a reasonable number of copies of the original documents for our records. Our engagement will result in the production of financial statements & or tax returns. Ownership of these documents will vest in you. All other documents produced by us in respect of this engagement will remain the property of the firm. The firm has a policy of exploring a legal right of lien over any client documents in our possession in the event of a dispute. The firm has also established dispute resolution processes. Confirmation of Terms Acceptance of our services in conjunction with this information brochure indicates that you understand and accept the arrangements. This information will be effective for future engagements unless we advise you of any change. I,. Confirm that we have read, understand and accept the terms of engagement as stated above. Signed Date:... / /