Annual Taxation Return Preparation and Tax Planning Review

For the year ended June 30:

Do you want a detailed check of client details that may need to be updated?

Has any change of address been updated?

Has any change in the number of dependants been updated?

Has any change in employment been noted?

Has any purchase or sale of real estate been noted?

From the ATP Portal, have you ensured all income from prior year has been declared, and pre populated this years income in the return?

Has any change in marital status been noted?

Has change in residency been updated?

If this a new client, do you want a detailed check of details to be updated?<br>

Does the client meet ethical requirements?

Has the client's identity been confirmed?

Where required, do we have a clearance from their previous accountant?

Where required, do we have a signed engagement letter for this client?

Has the tax residency of the client been determined?

Has the client been added to our client list and data on the ATO portal been downloaded?

Have you viewed the prior year taxation return?

Does the client have a power of attorney or legal representative?

Do you want a detailed review of salary or wages issues?

Have all PAYW statements been entered in the return?

Have any reportable superannuation contributions and reportable fringe benefits been entered in the return?

Any Employment Termination Payment received has been entered?

Any benefits from employee share schemes have been entered?

Has the client considered the benefits from salary sacrificing?

Does the client have adequate income protection insurance in the event of serious injury or illness? Ensured all premiums have been entered?

Does the client have an insurance broker contact?

Do you want a detailed review of Investment Income issues?

Did the client receive any interest income and amounts entered?<br>

Did the client receive any dividends, trust distributions or overseas income and all entered?

Does the client have a regular savings plan/budget apart from superannuation?

Does the client have an investment line of credit or similar facility?

Does the client have a source of regular, informed and independent investment advice?

Would you be interested in attending an economic update seminar organised by our firm?

Do you need a detailed review of retirement income and related issues?

The benefits of a transition to retirement pension are being enjoyed where client qualifies?<br>

Does the client have an adequate superannuation fund?

Does the client receive a pension?

What type of pension does the client receive?

Have you ensured pension rebate has been correctly credited?

Has the client considered the options for family members? For example, children's housing needs..

Does the client have a Will, and is it still up to date?

Do you want a detailed review of the client's assets?

Has the taxpayer sold their principal residence during the year?

Has a YES response to item 18G and at item 18M with code for main residence exemption subsection 118-B be shown in the taxation return? Sale of principle residence is a CGT event.

If the client has sold any assets, have the gains or losses been entered in the taxation return? <br>

Has the client been advised of any and all taxation issues in relation to their principal place of residence, including CGT and land tax?

Does the client have an insurance broker familiar with their affairs and ensured all assets are adequately insured?

Does the client have assets protected in case of claims from business or other creditors?

Do you want a detailed check of potential investment deductions?

All Interest related to investments entered?

All investment related Bank fees entered?

All investment related Seminars, books, newspapers, software, subscriptions claimed?

Travel costs to investment related seminars, meetings claimed?

All Investment advice claimed?

Proportion of Home study expenses claimed?

Has the client considered prepaying expenses, especially interest, to minimise tax payable?

Do you want a detailed check of possible employment related expenses?

Have all work related computer expenses been claimed?

Have all work related mobile phone expenses been claimed?

Have all union and other membership fees been claimed?

Has all business travel been claimed, including if applicable, incidental expenses up to $200 if not receipted?

Has all clothing expenses been claimed, including purchase of uniform, and laundry of uniform?

Have all subscriptions, books, journals and newspapers related to work been claimed?

Has the use of employee home for work related purposes been fully claimed?

Have all sun protection costs been entered?

Have all conference and seminar costs, including travel been claimed?

Have all tools and equipment purchased for work been claimed?

Have all overtime meals costs been claimed?

Where total deductions exceed $300, is there receipts and other documentation to substantiate claims as the law requires?

Do you want a detailed review of motor vehicle claims?

Does the client understand what is business use of a vehicle?

Does the client have a log book less than five years old?

Can an estimate be reasonably made of the number of kilometres of business travel?

If the business travel exceeds 5000km has either one third of costs ( including depreciation) been claimed or 12% of the cost of the vehicle?

Have all parking and toll expenses been claimed?

Is the client contemplating the purchase of a new vehicle?

Has the client determined how the purchase will be financed?

Do you require a detailed check of self education expenses?

Is there a reasonable connection between education costs and current income earning activities?

Has the distinction between self education and continuing professional education been explained and understood, and the $250 threshold deducted if required?

Have all allowable study related travel costs been entered?

Have all home study related to study been considered and entered as allowable?

If there is a HECS/HELP liability has the amount been determined and entered into the tax payable estimate?

Do you want to do a detailed check of home expenses which can be claimed?

Is the distinction between a home office and a home study understood by client?

Has the client been alerted to potential CGT on a home office, especially if the client is an employee?

Have you considered all potential home related expenses, including insurance, rates, interest, electricity, repairs

Has the client purchased any office supplies or equipment for use in the home office/study?

Do you want a detailed check of home/new business issues?

Is the distinction between business and a hobby understood?

Have all GST registration and collection issues been explained and dealt with?

Have any losses from non-commercial activities or where other income exceeds $250,000, been quarantined?

Has the ability to write off any assets costing less than $6500 been advised to the client?

Does the client have an up to date business plan?

Does the client have a good relationship with a bank that supports the requirements of their business?

Do you want a review of property investment claims?

Do we have the cost base recorded on file for all properties owned by the client?

Have all rental income been declared on a grossed up basis?

Have you considered building allowance deductions on all properties?

Has all plant and equipment in the property been identified and being claimed?

Are borrowing costs being amortised over the life of loans or 5 years, whichever is shorter period?

Has the client considered insurable risks and claimed all premiums for insurance policies in place?

Is the distinction between repairs and improvements understood by the client?

Have you reviewed whether the client is subject to land tax?

Is the client considering investment in property and interested in knowing tips and traps from a taxation perspective?

Does the client understand leverage and negative gearing and impact on taxable income?

Is the client aware of land tax charges?

Is the client aware of the building allowances rules?

Does the client know how to evaluate the investment returns on a prospective property investment? ( Consider use of Rental Property software)

Does the client know a reliable source of advice for investment in the property market?

Have tax agent fees and other tax related costs been claimed?

Have all tax deductible donations been claimed?

Does the client qualify for Medicare exemption or reduction?

Do you have private health cover with a statement from your health fund?

Do you qualify for up to 30% rebate?

Where your net Medical Expenses exceed $2,120, have all costs been included?

Do you have a dependent spouse but no children?

Have any tax losses and capital gains losses been recorded and explained to the client?

What is the expected outcome from this years taxation return?

Have client bank account details been updated?

Is the return being lodged on time with no risk of penalties?