KDC Excel for Small Business
With GST and extra lines BAS Income & Expense Worksheet – Quarterly (GST) – Extra Lines Version
Thank you for using KDC Accounting as your trusted accountant and tax advisor. We are trialling something new this year and have prepared this checklist for you to use. You can find the checklist here Tax Questionnaire
Our business clients can find a different questionnaire here – Business Questionnaire
We hope that it helps in the following ways:
- Helps you to gather your information with more ease,
- Helps you to identify queries and discussion points,
- Saves time in your interview, which ultimately saves you money, and
- May even mean that many appointments are not necessary.
In this COVID environment, we would like to encourage you to only make face-to-face appointments when necessary. Since March, we have managed very well with phone and Zoom appointments. Many of our clients have discovered that an initial appointment is not always necessary, or that it can be done by phone or zoom. More often, we find it better to have a mid-way catch-up to ask some specific questions – after having already gone through your records. We would like to continue this approach and hope to provide at least the same level of experience as previously, if not a better one. By minimising our facet-to-face appointments, we can be available for those appointments that are needed.
To help us complete your tax return efficiently and accurately, and to maximise your claims, we ask that you take the time to review the following checklist/questionnaire – remember it is only once a year so you should take your time with it. Please note that the Tax Office will not accept answers like: The same as last year.
Beginning with the 2019 tax return, the Tax Office required us to provide them with more specific details for each and every claim / deduction made. This is now known as granular data: rather than summarised totals, the Tax Office gets very detailed line-item of data from your tax return. This year, they are asking us to provide additional (granular) details for your income: including bank account numbers, the number of account holders of a bank or shareholding, and share reference numbers (HIN/SRN). In most instances these should come through automatically from the Tax Office, however often there is delays in institutions providing those details to the Tax Office, or the institution doesn’t have your TFN. If that is the case, we will need you to provide us with more details than previously and we may even need to see the actual documents. Failure to provide all of this extra information that we need this year will hold up the preparation of your return.
In relation to claiming deductions, now is probably a good opportunity to remind you that you are required to retain records for a period of 5 years from the date you lodge your return. Please remember that this is 5 years after you cease to claim an item: eg 5 years after you sell your rental property, 5 years after you sell something that is being depreciated like your car or laptop, or 5 years after you sell your shares.
We often get asked if there is a minimum you can claim without receipts. According to Tax Office, there are several factors that allow you to claim a deduction. These are
- You must have incurred the expense (and have not been reimbursed),
- It must be directly related to earning your income (necessarily incurred), And
- You must have a record to prove it (the substantiation rules often require additional written evidence, such as log books and usage diaries.)
- It must be reduced by any private, domestic, or capital portions.
Before starting your questionnaire, please request a copy of your PFR from the office to see what information the Tax Office already has (this will save you some time not having to repeat known details). We can upload it to the client portal, mail it to you, or you can collect a printed copy from the office – for security reasons, we will not email it.
So, grab a cuppa and gather all of your tax paperwork. Write down what you have for each category of expenses. Review the gaps and consider if you may have missed something. You can then go back through receipts, bank or credit card statements, emails, or even contact suppliers. This is a sure way to ensure you are claiming everything you are entitled to! If you don’t have enough room, feel free to make some extra notes on separate pieces of paper. Have fun and we look forward to receiving your completed questionnaire.
Please note: Each taxpayer needs to complete their own questionnaire. Extra copies can be downloaded from our website here Tax Questionnaire, you can request us to email one to you, or we can mail one if that’s easier than printing at home.
BEST WISHES FOR THE 2020 TAX SEASON FROM THE TEAM AT KDC ACCOUNTING