CHECKLIST - IBO TAX RETURNS

Transcription

1 CHECKLIST - IBO TAX RETURNS Tax Year: Date: 1. Personal Details / Individuals New Clien IBO Client: Yes / No Surname First Name & Others: Name of Entity: Partners Surname: First Name & Others: Address: Suburb: State: Post Code: TelephoneHome: Mobile: Business: Partner 1 Partner 2 Entity Tax File Number: ABN: Date of Birth: Individual Tax Return Required 2. Individual Tax Return Check List (please enclose all relevant receipts and paperwork to support the income and deductions) INCOME Partner 1 Partner 2 Number of PAYG Summaries received Job description (please circle yes or no) Enclosed ETP Payment forms Any Interest Received (please supply bank statements) Dividends Received (Require all Statements) Managed fund distributions received (Required end of year Tax statement) Other trust distributions Partnership distributions received Sale of Capital assets (shares/property etc) (need sale and purchase documents) Rental Property (please enclose summary) Foreign Income Any other income Any employee shares received Business Income (business checklist) Description of activity GST Registered? BAS's Completed? Other Any child support received in the year? (amount)

2 3. Work-related expenses D1. Work-related car expenses: Please explain why you used your car for work purposes. For log book method claims, you must include opening and closing odometer readings for the year. If you made a claim using the cents per kilometre method, tell us how you made your estimate of business kilometres. a) Statutory Method (cents per km) Number of work related kilometres Client #1 Client #2 Type of motor vehicle Client #1 Client #2 Engine capacity Client #1 Client #2 b) Actual Method - need to have a 3 month logbook or travelled more than 5000km for work to claim 1/3 expenses Client #1 Receipts Kept? Y/N Client #2 Receipts Kept? Y/N Item Name Type of Motor Vehicle Engine Capacity Kms travelled total Kms travelled work related Business % Fuel Registration & Insurance Repairs Cost of Motor Vehicle Date of purchase Other D2: Work-related travel expenses Please explain how these expenses related to your work. Client 1 Client 2 Written Expense Type Amount Amount Evidence Claimed Claimed Yes / No Award transport payment Vehicles other than cars (eg 1 tonne or more) Borrowed cars Domestic travel Overseas travel Other (please specify) Total eg receipt, diary entries, statement

3 D3: Work-related uniforms, occupations specific or protective clothing, laundry, dry cleaning and sun protection clothing. Please provide a description of the clothing items and explain why you need to use them for work purposes. Client 1 Client 2 Written Laundry Clothing expense type Amount Amount Evidence Claimed Claimed Yes / No eg receipt, diary entries, statement Dry cleaning Occupation specific Compulsory distinctive uniform Non-compulsory registered uniform Protective clothing Total 4: Work-related self education expenses Please explain how these expenses related to your current work activities. If you have estimated the portion of an expense that related to your self education, such as computer expenses, tell us how you calculated the amount. Name of Course: Institution: Fees (HECS is not deductible) Books, Stationary etc. Travel - Car * Travel - Other Expense type Client 1 Client 2 Written Amount Amount Evidence Claimed Claimed Yes / No eg receipt, diary entries, statement Computer expenses Other (please specify) Sub-total If applicable, less 250 reduction, or lesser amount see Tax Pack Total *Note: If using the cents per kilometre method, your total claim per car for D1 & D4 and any business use cannot exceed 5,000km.

4 D5: Other work-related expenses Please explain how these related to your work. If you have calculated a work-related portion of an expense such as telephone, home office or computer expenses, tell us how you calculated the amount and what percentage you are claiming. Must have receipts to support the deduction. Tools Union Fees Award overtime meal allowance expenses Sun protection items Seminars / conferences Books, journals and professional library Home office - actual expenses Home office (34 cents per hour)* Stationary Telephone Mobile phone* Computer expenses Computer purchase (need date of purchase & cost)* Expense type Asset items purchased (over 300) Other (please specify) ie Internet Cost* Client 1 Client 2 Written % for Amount Amount Evidence Work Claimed Claimed Yes / No eg receipt, diary entries, statement * IMPORTANT: If claiming home office or home internet, you must keep 4 week diary recording hours you work from home or hours you use the home internet for work. ATO is targeting phone usage and computer usage. Make sure you can substantiate this claim with receipts and diary of usage. D7: Interest & Dividend Deductions Bank fees Interest on investment loans Investment courses D8: Gifts and donations Yes / No Yes / No Details/Amount (not raffles) D9: Tax Related Expenses Accounting Fees Travel Other (Details) D15: Other Deductions Income Protection Insurance

5 TAX OFFSETS Dependant Spouse? (SNI?) Any Personal Super Contributions made? Any Tax Deductable super contributions? (enclose super statement detailing contributions) Private Health Insurance (enclose statement) Work/Live in a remote zone? Location? Number of days in zone Medical expense incurred (over 2120) - (Only if claimed on 2013 return)please provide Medicare & Private Health summary of Medical Expenses for the Year. Any Child Support Paid in the year? (amount) Was the Family Tax Benefit (FTB) claimed during the year through the Family Assistance office (FAO)? Important Note: The FTB can no longer be claimed on your Tax Return. You must claim this directly through FAO. Part A of FTB Part B of FTB Client 1 Yes / No Yes / No Client 2 Yes / No Yes / No Children Names The Tax Office will only be paying TAX REFUNDS by DIRECT DEPOSIT into clients bank accounts (no refund cheques). Therefore we will need your bank account details to include on your tax return. CLIENT 1: Client 2: A/C Name: A/C Name: BSB: BSB: A/C Number: A/C Number: Note: If we are not preparing spouse tax return we require spouse tax file number, separate net income, amount of fringe benefits received, child support paid or received and investment losses. It is advised that you provide Ascent with a copy of their tax return OTHER CLIENT QUESTIONS/CONSIDERATIONS: Tax Payer Declaration I/We certify that this is a complete account of all sources of income and expenses derived during the year. I/We hereby declare that we have provided all necessary and relevant information regarding our income and expenses from all sources in and out of Australia. Signed client #1 Signed client #2 Date: Date:

6 4. Business Checklist - IBO Ascent Requires the following for the entire financial year (01/07/13-30/06/14) - Working back up of your bookkeeping data base - The relevant printed reports from your data base (see checklist on last page) - Monthly Amway Bonus Statements - Monthly Amway Downline Statements:Orders & Returns, and Tax Invoice (Printed from online IBO account) tick - At least the 30th June 2014 business bank account statement - Telephone logbooks kept during the year - Motor Vehicle logbooks kept during the year - Statements/details for any business related loans - Require the Amway Instalment Plan statement (if assets where purchased on a plan) Motor Vehicles Please supply details of Motor Vehicles used for business purposes; Motor Vehicle 1: Make/Model: Has a logbook been kept for 3 months? Please estimate total kilometres travelled on business trips Motor Vehicle 2: Make/Model: Has a logbook been kept for 3 months? Please estimate total kilometres travelled on business trips Was a motor vehicle purchased/sold/traded-in during the year? (If so, we require documents) Home Office Do you use a home study/office to conduct the IBO business? If so, on an area basis, what is the proportion of the home study in relation to the whole home? Please provide an estimate of the private use on the home telephone expenses (%) Please provide an estimate of the private use on the Mobile telephone expenses (%) Please provide an estimate of the private use on the internet expenses (%) Products Have you puchased any major demo assets on the direct debit plan? (If, so please supply statements) Have you accurately split-up products that were purchased for demo/group/personal? Please provide an estimate of the cost of closing stock on hand at 30/06/14 (If any?) Have any business assets been purchased or sold during the year? (Documents required) - we require the purchase tax invoice and indicate whether the asset is new or second hand. General Does your business qualify under the Tax Administration Position? (Bonus levels) /unsure * how many years have you claimed IBO business * have you had at least 6 months at 6% Any other IBO business questions or concerns?

7 5. Bookkeeping Reports Checklist Please select the appropriate software you use All reports for the period 01/07/13 to 30/06/14 MYACCOUNTANT Tick - Summary report - Detail report CASH FLOW MANAGER - Statement of receipts and payments - General Ledger listing (all accounts) - Bank reconciliation (30/06/14) - GST report QUICKBOOKS - Profit & Loss Statement (Accrual) - Balance Sheet (30/06/14) - Bank reconciliation 30/06/14) - Receiveables reconciliation (30/06/14) - Payables reconciliation (30/06/14) - Payroll activity summary - General Ledger (all accounts) - GST summary (accrual) MYOB - Profit & Loss Statement (Accrual) - Balance Sheet (30/06/14) - Bank reconciliation (30/06/14) - Receiveables reconciliation (30/06/14) - Payables reconciliation (30/06/14) - Payroll activity summary - General Ledger (all accounts) - General Ledger (summary) - GST Summary (accrual) MANUAL CASHBOOK - Cash book detail all income and expenses. - Invoice book