2016 Individual Tax Return Checklist-Books Pdf

2016 INDIVIDUAL TAX RETURN CHECKLIST
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2016 INDIVIDUAL TA X R E T U R N C H E C K L I S T. TAX RETURN SECTION OF THE INCOME TAX RETURN Y N N A. 12 Employee share schemes ESS, The discount given on the ESS interest being a share or a right to acquire a share under the ESS is. assessable for taxation purposes unless the deferral concession applies This assessable discount may. be reduced by 1 000 where certain conditions apply. Where certain conditions are met in relation to the terms of the ESS the assessable discount may be. deferred until a later income year, Note for interests acquired pre 1 July 2009 the discount is included in the 2016 income tax return if the cessation time. occurred during the 2016 income year, 13 Partnerships and trusts. Details of the partnership trust or a managed investment trust fund payment and type of income. received are required Carefully identify tax credits that may be utilised. Note trustees of closely held trusts are required to withhold amounts from distributions to individual beneficiaries who have. not provided their TFN Beneficiaries who have had amounts withheld from their trust distributions can claim a credit under. this label, From 2015 16 an individual is entitled to a tax offset max 1 000 of 5 of the tax payable on the. portion of their income that is, net small business income from sole trading activities.
share of net small business income from a partnership or trust. other amounts received because the individual is a partner or beneficiary in a small business entity. such as farm management repayments, The ATO will work out the offset based on the total net small business income reported in the individual. income tax return Ensure details of partnership and trust share of net small business income less. deductions attributable to that income are completed. 14 Personal services income PSI, Is the client a sole trader If yes ask the client if they received personal services income and did not. have a Personal Services Business Determination in place If this is the case then the Business and. Professional items section should be completed, Note there are special rules for the tax treatment of personal services income earned by sole traders including contractors. and consultants Reference should be had to the ATO publication Business and professional items 2016 before completing. this section, 15 Net income or loss from business, If the taxpayer derived income from any business other than the personal services income included at. item 14 complete and attach a business and professional items schedule. Note to determine the component that is net small business income excluding corporate distributions so that the ATO can. calculate the small business tax offset, 16 Deferred non commercial business losses.
This item relates to losses made from activities that constitute carrying on a business e g sole trader or. partnership If applicable complete item P9 in the business and professional items schedule. Note for a loss to be claimed in the current period the client must either operate a primary production or professional. arts business subject to a 40 000 limit on other source income or meet one of the four exemption tests or have the. Commissioner exercise his discretion to allow the loss. Note taxpayers who have not received the Commissioner s discretion to not have the Non Commercial Business Loss rules. apply that have adjusted taxable income over 250 000 will only be able to deduct expenses from non commercial. business activities against income from those activities i e this means any resultant losses will be quarantined to the. business activity and cannot be deducted against other taxable income. 17 Net farm management deposits or repayments, This item is for primary producers only. Note ensure that amounts that make up the net farm management deposits or repayments e g deductible deposits early. repayments for natural disaster are disclosed in labels D N or R. Note This item may be negative, 2016 INDIVIDUAL TA X R E T U R N C H E C K L I S T. TAX RETURN SECTION OF THE INCOME TAX RETURN Y N N A. 18 Capital gains, Obtain a description of the asset the purchase date the purchase cost date and amount of any. expenditure incurred by the taxpayer that forms part of the asset s cost base including eligible. incidental costs the sale date or exchange of contract date if earlier and the sale proceeds amount. Take account of 50 CGT discount and the small business CGT concessions. Tax tip capital losses are applied against gross capital gains before the 50 discount and or small business concessions. are applied, Note foreign resident individuals that make capital gains in relation to CGT events that occur after 7 30 pm on 8 May. 2012 are not able to discount the gain that accrues after this time This means that a foreign resident will now need to. calculate the pre and post 8 May 2012 portions of their capital gain This is because the pre 8 May 2012 portion. can continue to be discounted but the post 8 May 2012 portion is ineligible. 19 Foreign entities, Include here any attributable income in relation to any controlled foreign company or transferor trust.
20 Foreign source income and foreign assets or property. Obtain details of country amount received exchange rate utilised foreign tax withheld Care must be. shown with foreign source salary and wage income that may be exempt from tax. Note income derived from foreign service lasting greater than 91 consecutive days is not exempt unless the employment. is related to specific activities e g deployment by the Australian Defence Force or Australian Federal Police or working for. certain aid organisations, Obtain details of, rental income earned. interest charged on money borrowed for the rental property. details of other expenses relating to the rental property. details of any capital works expenditure to the rental property. Borrowing costs are claimed over the life of the loan or five years whichever is the lesser. Assess whether the client can claim a deduction for the construction costs of the property or any structural improvements. 22 Bonuses from life companies and friendly societies. Obtain documentation regarding bonuses received on insurance bonds issued by life insurers and. friendly societies Bonuses are tax free if cashed in after 10 years If not the bonuses may be taxable. and a rebate can be claimed, 23 Forestry managed investment scheme income. Have managers of forestry schemes included the investors contributions in their assessable income in. the year in which the deduction is first available to the investor for those contributions. 24 Other income, Ask the client whether they received any other benefit income during the year that has not been. discussed Examples include, a non qualifying component of an ETP. lump sum payments in arrears, foreign exchange gains.
certain scholarships bursaries grants, any assessable balancing adjustments on depreciating assets. jury service fees, 2016 INDIVIDUAL TA X R E T U R N C H E C K L I S T. TAX RETURN SECTION OF THE INCOME TAX RETURN Y N N A. DEDUCTIONS, D1 Work related car expenses, The two methods available are. 1 Cents per kilometre method, The claim is based on a set rate for each business kilometre travelled which is 66c The taxpayer is. able to claim costs by applying the set rate up to a maximum of 5 000 kilometres. 2 Logbook method, The claim is based on the business use percentage of car expenses Ensure log is kept for 12.
consecutive weeks and business use percentage did not vary more than 10 The resulting business. use percentage may then be applied to all car expenses to calculate a deductible amount The log. book must be renewed every 5 years, D2 Work related travel expenses. Domestic travel, Generally requires client to sleep away from home Expenses include meals accommodation car hire. and incidentals such as tolls parking and hire of third party vehicles. Overseas travel, Must obtain documentary evidence as well as diary. Substantiation is not required where reasonable allowance paid to employee for accommodation. domestic only food drink and incidentals if allowance is within ATO limits. Refer to TR 2004 6 and TD 2015 14, D3 Work related uniform occupation specific or protective clothing laundry and dry cleaning expenses. protective clothing and safety footwear clothing or footwear that is specifically designed to protect. compulsory uniforms non conventional clothing that the employee is compelled to wear or. occupation specific clothing that identifies a person as a member of a specific profession trade. vocation occupation or calling, Substantiation not necessary for reasonable claims up to 150 in respect of laundry Refer to TR.
94 22 and TR 98 5, Tax tips you can only claim laundry and dry cleaning expenses in respect of work related uniforms and occupation specific. D4 Work related self education expenses, Examples include student union fees books stationery consumables travel and depreciation For. further details of eligibility requirements and types of deductions available refer to TR 98 9. Tax tips the ATO pays particular attention to these items so ensure that all claims can be substantiated. appropriately Note also that 250 of eligible self education expenditure is not allowable. Other work related expenses, Examples include union fees seminars overtime meals home office telephone subscriptions. briefcase calculator electronic organiser depreciation on assets costing 300 and write off of. assets not exceeding 300, D5 Note deductions differ for a home office depending on whether it is a place of business or an office used away from the. normal workplace A fixed rate can be used to claim the decline in value of home office furniture and costs for heating. cooling and lighting subject to maintaining a diary for a required period The fixed rate is currently 45 cents for each hour. the client uses the home office exclusively for work related purposes A diary needs to be kept for four weeks to show. work related use, Refer to Taxation Ruling TR 93 30 for further information.
D6 Low value pool deduction, Interest deductions, Cannot be claimed unless income at question 10. Dividend deductions, Cannot be claimed unless income at question 11. 2016 INDIVIDUAL TA X R E T U R N C H E C K L I S T. TAX RETURN SECTION OF THE INCOME TAX RETURN Y N N A. DEDUCTIONS, Gifts or donations, D9 Ensure that all donations are endorsed deductible gift recipients and that the client did not receive any. tangible benefit from making the donation, Cost of managing tax affairs. D10 Note this also includes GIC and travel to tax agent. D11 Deductible amount of undeducted purchase price of a foreign pension or annuity. Personal superannuation contributions, Strict rules apply to when an employee can claim a tax deduction A self employed taxpayer may.
be able to claim all their contributions to a complying superannuation fund as fully tax deductible up. to age 75 provided no more than 10 of their assessable income reportable fringe benefits and. reportable employer superannuation contributions is attributable to their employment as an employee. D12 Ensure the superannuation fund provides acknowledgement of the claim for the deduction. Note care should be exercised to avoid breaching the annual superannuation concessional contributions cap for the. individual, However the individual may receive an offer from the Australian Taxation Office to have the excess concessional. contributions refunded and assessed at their marginal tax rate rather than pay excess contributions tax. The Australian Taxation Office may also offer to have excess non concessional contributions refunded and earnings on the. excess assessed at the individual s marginal tax rate Individuals who leave their excess non concessional contributions in. their superannuation fund will continue to be taxed on these contributions at the top marginal tax rate. Deduction for project pool, Relates to certain capital expenditure which is directly connected with a project carried on or. D13 proposed to be carried on to gain or produce assessable income i e this expenditure can be. allocated to a project pool and written off over the project life but the expenditure must not otherwise. be deductible nor form part of the cost of a depreciating asset. Forestry managed investment scheme deduction, Initial investors in forestry managed investment schemes forestry schemes will receive a tax deduction. equal to 100 of their contributions, Subsequent investors will receive a tax deduction for their ongoing contributions to forestry schemes. provided that at least 70 of the scheme manager s expenditure under the scheme is expenditure. attributable to establishing tending and felling trees for harvesting direct forestry expenditure or DFE. Other deductions, D15 For example black hole expenditure accident and sickness insurance premiums.
Note that from the 2015 16 year s 40 880 allows for certain start up expenses including costs associated with raising. capital to be immediately deductible where they are incurred by a small business entity. Tax losses of earlier income years, L1 Tax tip a superannuation deduction cannot increase a carry forward loss. Ensure that there is a split between primary and non primary production losses where applicable. TAX OFFSETS, Senior Australians and pensioners includes age pensioners service pensioners and self. 2016 INDIVIDUAL TAX RETURN CHECKLIST The following income tax return checklist should be completed in conjunction with the preparation of tax reconciliation return work papers The checklist provides a general list of major issues that should be addressed The checklist is not designed to be an exhaustive list of all issues that may warrant consideration Step 1 Obtain a copy of the Prior

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