JUNE 2016 –
IN THIS ISSUE:
So we all are at the sharp end of the financial year with about a week to go.
With EOFY in mind I thought this would be a good time to remind you of the more significant items you will need for lodging your return.
- Remember – ATO will have some information available to tax agents for downloading, however the amount of information is dependant upon the timely submission to ATO by the lodging party. So, don’t rely on prefill entirely for lodgement info. If you have a printed copy of payment summaries health fund info or dividend receipts there is no need to wait for ATO to hjave that information available.
Usually, most data is at ATO by end July to mid August anyway
Individuals – Things you might need:
Work related expenses – receipts of purchases, diary of mileage
Home internet / phone use (diary or log), any home office use?
Bank interest, any dividends or distributions received?
Rental property income and expenses. Sale or purchase of a rental property
Small – Medium businesses Companies and Sole traders –
All BAS’s lodged? Will you need assistance with payment summaries for employee’s?
Motor vehicle log book, expenses. Income received. Any assets purchased or disposed of during the year?
All SGC paid? Any Directors Fees or profit distribution to consider?
Large businesses – Are there other factors not previously considered during our tax planning meetings? If your turnover is in excess of $2m – BAS’s can no longer be calculated using the ‘CASH’ method of accounting and must now be calculated on a ‘ACCRUALS’ basis.
Have in place strategies to deal with this as it may impact on your cash flow in future months
- Book now for your appointment to have your return prepared OR email me your information for prompt processing
I look forward to seeing or hearing from all of my clients and any new clients this ‘tax season’ !