Useful Links & Forms

Individual Tax Return Checklist – Main Items

July to June Each Financial Year

1. Copy of last year’s tax return unless we completed one for you
2. Copy of all your PAYG Summaries
   (if you cannot locate this we may be able to search on the tax portal for you)
3. Your interest earnt from each bank account from July-June
   (if you cannot locate this we may be able to search on the tax portal for you)
4. Your dividends & trust distributions from investments received from July-June
   (if you cannot locate this we can search on the tax portal for you)
5. A list of work related deductions such as stationery, books etc.
6. A list of Education deductions
7. Motor Vehicle deductions (if you use your car for work). This is mainly for sales people or employees who visit clients regularly for work;
   • Make, model & registration number of your car
   • Car log book for 3 months (only need to do a 3 month log book every 4 years)
   • Totals for; Petrol & Oil, Registration, Insurance, Services & Repairs, Tolls, Parking, Cash Washes
   • Car finance documents if your car is under finance such as a lease agreement, corporate hire purchase, chattel mortgage or car loan. We just need the financial details page such as the type of finance, number of instalments, the balloon payment amount at the end of the loan
8. Private Health Cover details (if you cannot locate this we may be able to search on the tax portal for you)
9. Income protection amount paid
10. Rental Property Information – if you have one or more rental properties see Rental Property Checklist

Motor Vehicle Expenses Checklist

July to June Each Financial Year

Motor Vehicle deductions (if you use your car for work). This is mainly for sales people or employees who visit clients regularly for work;

• Make, model & registration number of your car
• Car log book for 3 months (only need to do a 3 month log book every 4 years)
• Petrol & Oil (totals)
• Registration
• Insurance
• Services & Repairs (totals)
• Tolls (totals)
• Parking (totals)
• Cash Washes (totals)
• Car finance documents if your car is under finance such as a lease agreement, corporate hire purchase, chattel mortgage or car loan. We just need the financial details page such as the type of finance, number of instalments, the balloon payment amount at the end of the loan

Company / Business Tax Return Checklist

July to June Each Financial Year

We will require these items to commence work on your company tax return & financials;

• Copy of your last year’s company tax return & financials (if we have no completed it last year year)
• Copy of your Profit & Loss Statement
• Copy of your balance sheet at 30th June each year
• List of any new equipment / cars purchased during the financial year
  • Description (including make, model & registration number for cars)
  • Date purchased
  • Amount paid (excluding GST)
  • Copy of Finance Contract e.g. Lease, corporate hire purchase, chattel mortgage or bank loan
• List of any equipment / cars sold during the financial year
  • Description (including make, model & registration number for cars)
  • Date sold
  • Amount it was sold for (including GST)
• Copy of bank statement 30th June

Home Office Expenses – (Business People Only) Checklist

July to June Each Financial Year

The following may be claimed as home office expenses if you run a business from home;

Usually up to 35% of these expenses can be claimed. However, provide us the TOTALS for each and we can apportion the % you can claim;

• Rent (if you are a tenant)
• Interest on your mortgage (if you own your home. However, capital gains tax may apply when you sell your property)
• Council rates
• Water Rates
• Electricity & Gas
• Land Tax
• Body corporate fees
• Repairs & maintenance

Property Investor Checklist

July to June Each Financial Year

For each rental property provide;

1. Real estate agents annual rental statement
2. Council Rates
3. Insurance
4. Body Corporate Fees
5. Interest on bank loan
6. Borrowing / Finance costs
7. List of any other expenses you paid for that WAS NOT paid by the agents rental statement
8. Depreciation Schedule – You don’t need to provide it if we have already done a tax return with us because we would have it on file. Note; if your property is less than 10 years old it may pay to have one done. Call BMT to order a depreciation schedule or call us for more information
9. For a new property purchased during the financial year;
   • Purchase date
   • Purchase price
   • A list of settlement costs such as stamp duty, legal fees etc.
10. For a property sold during the financial year;
    • Sale date
    • Sale price
    • A list of settlement costs paid such as stamp duty, legal fees etc.
    • A list of sales costs paid such as real estate agents fees, marketing, legal fees etc.

Starting a Business Checklist

Here are very important items you should attend to if you are starting a new business;

1. Obtain advice from Foresight before you do anything
2. Obtain advise from Foresight regarding valuations on a business you are purchasing
3. Obtain the necessary funding before you sign a contract of sale or a lease of a business premises
4. Obtain advise from Foresight and a lawyer (both) to assist you in setting your lease terms
5. Create a business plan
6. Create a monthly budget with your monthly expenses and projected income
7. Register your business name with Australian Securities & Investments Commission (ASIC)
8. Create a business logo
9. Create a motto
10. Obtain a trademark for your name, motto & business name (highly recommended)
11. Choose your business structure; sole proprietor, company, partnership or trust (obtain advise from Foresight for this)
12. Register an ABN number
13. Register for GST (if required)
14. Choose a bookkeeping software package. Excel is fine if you are a small operation otherwise we recommend Xero. See Foresight to set this up.
15. Obtain legal advice for your new business
16. Create Legal documents such as employment & contractor agreements, sales terms & conditions, purchase terms & conditions, disclaimers etc.
17. Obtain Business Insurance – such as public liability, professional indemnity, building & contents insurance, income protection, trauma & other insurance. Obtain advice from Foresight for these