Tax Planning

A successful tax planning could not be separate from your business and individual tax position. We will assist you with maximising tax incentives and gains to ensure your business can continue to operate in an effective way. While we service you tax work we also work out your current financial situation, set out what you will achieve and develop a plan to help you get there.

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SMSF Compliance Checklists

Setting up an SMSF

  • Consider appointing professionals to help you set up your SMSF?
  • Choose individual trustees or a corporate trustee? Appoint trustees or directors?
  • Create the trust and trust deed?
  • Check your fund is an Australian super fund? Register your fund?
  • Set up a bank account?
  • Get an electronic service address?

Investment strategy for SMSF

  • Prepare an investment strategy?
  • Consider all circumstances of the fund, including risk, diversity, liquidity and member’s insurance?
  • Confirm all fund investments comply with the super laws and are allowed under the trust deed?
  • Make provision to regularly review the investment strategy?

Reporting obligations for SMSF trustees

  • Value the funds’ assets at their market value at 30 June?
  • Pay any minimum annual income stream payments required undersuper laws?
  • Obtain an actuarial certificate if required?
  • Prepare the fund’s end of year financial accounts and statements?
  • Appoint an approved SMSF auditor not more than 45 days before the SMSF annual return is due?
  • Lodge your SMSF annual return by the due date?
  • Lodge your transfer balance account reports if required?

Ongoing SMSF compliance obligations

  • All fund money and assets are held separately from money and assets held by trustees or directors personally?
  • All fund investments comply with the super laws?
  • All contributions and rollovers received by the fund are allowed under the super laws?
  • All benefit payments made by the fund have been made in accordance with the super laws?
  • The proper and accurate records have been maintained for required timeframes?
  • Any changes to your SMSF's details such as the bank account, electronic service addresses, contact details
    and member details are reported to us

Rollover of member benefits Out/ or Into your SMSF

  • Engage a SMSF messaging provider offering SuperStream rollover services and obtained electronic service address?
  • Ensure your fund is a 'complying' or 'registered' fund
  • Record your SMSF's unique bank account, up-to-date details etc.
  • Obtain details of your transferring/or receiving fund match?
  • Ensure your transfer limit is sufficient to enable payment of the rollover

Starting to pay an income stream

  • Consider getting advice from an SMSF professional?
  • Check your SMSF trust deed allows the income stream payments?
  • Confirm the member has met a condition of release?
  • Value the assets that support the income stream at market value?
  • Determine the minimum annual payment required under super law (and the maximum annual amount for a transition to retirement income stream)?
  • Register for PAYG withholding if required?
  • Determine your event-based reporting timeframe if required?

Winding up an SMSF

  • Check the trust deed for information on winding up the fund?
  • Complete and lodged the final SMSF annual return (including wind up details)?
  • Paid any outstanding tax?
  • Lodge your transfer balance account report if required?

BUSINESS TAX RETURN CHECKLIST 2023

SOURCE DOCUMENTS

♦ ALL Bank Statements for ALL Bank Accounts / Loan Accounts / Term Deposits 1 July 2022 to 30 June 2023

♦ Asset Purchase or Sales – please supply a copy of the tax invoices

♦ Hire Purchase / Chattel Mortgage / Lease Agreements for all new assets purchased during the financial year

♦ Credit Card Statements that contain business transactions for 1 July 2022 to 30 June 2023

♦ Trade Debtors as at 30 June 2023

♦ Trade Creditors as at 30 June 2023 including a breakdown by expense category

♦ Closing Stock figure as at 30/06/2023

♦ Log book for business vehicle use

♦ Bank account details for transfer of tax refunds due

INCOME & EXPENSES

Tips for 2023 FY   Small business technology investment boost & Small business skills and training boost. You will be able to deduct an additional 20% of expenditure.

♦ Dividend & Interest statements

♦ Trust distribution statements and Annual Tax Statements

♦ Capital Gains Tax buy and sell documentation for shares, property, trusts, etc.

♦ Rental Property - Agent/Client Summary for the year, all income and expense details. Include date purchased for new capital items.

♦ Insurance Schedules

♦ WorkCover Reconciliation

♦ A summary of all expenses paid by cash from your own private funds totalled by description.

♦ Business use % of

   o Telephone

   o Electricity

   o Gas

Primary Production

♦Livestock Numbers:

   o Sales

   o Purchases

   o Deaths

   o Rations

   o Natural Increase

   o Closing Stock

INDIVIDUAL TAX RETURN CHECKLIST 2023

Income

□ PAYG Summaries (Group Certificates) - you may receive these via your MyGov account

□ ETP Statements

□ Overseas Pension in AUD

□ Interest & dividends received

□ Partnership / Trust distribution records – taxation statement or tax return for private trusts

□ Business Income / Earnings

□ Rental Property:

   o Agent / Client Summary of Income and Expenses (totals only)

   o Bank Loan Statements / Interest Paid

   o Details of property expenses include:

      ∙ Rates & Taxes & ESL

      ∙ Insurance

      ∙ Repairs & Maintenance

      ∙ Strata Fees

      ∙ New items purchased > $300 and date purchased.

□ Capital Gains Tax

   o Purchase and Sale documents for any of the following items sold:

      ∙ shares

      ∙ property

      ∙ art

      ∙ jewellery

□ Annuity / Pension Income from a Superfund

□ Foreign income receipts

□ Other income received? Please provide extra details.

Deductions

□ Motor vehicle deduction

   o Number of kilometers travelled for work

   o Original cost of car and date purchased

   o Details of all car expenses including fuel, registration, insurance, repairs / servicing, RAA

   o Log book

   o Hire Purchase / Chattel Mortgage Agreements

□ Travel expenses - Interstate / Overseas

   o Receipts

□ Travel Diary / Travel Allowance

   o If in receipt of a travel allowance; how many days spent away from home and where?

□ Insurance for work related items

□ Hire Purchase (Chattel Mortgage Agreements) for equipment

□ Work related assets purchased or sold – dates and amounts

□ Home office – estimate of number of hours worked per week

□ Receipts for any item bought related to work

□ Uniforms or protective clothing

□ Self education expenses

□ Personal Superannuation contributions (Notice of deductibility)

□ Donations

□ Interest and dividend related expenses

□ Ceased full time education / changed residency status

Other Information

□ Did you work in a remote area or overseas?

□ Last Home Loan Statement

□ Income Protection Insurance

□ Bank account details for transfer of any tax refunds due