BUSINESS DOCUMENTATION REQUIRED TO PREPARE INCOME TAX RETURNS
1. PREVIOUS FINANCIAL STATEMENTS
you are a new client and have previously been in business the
Financial Statements from the previous year.
2. BANK STATEMENTS
For all business Bank Accounts and for the full period. Please check you have them all and if not order missing copies.
3. CHEQUE BOOKS FOR YEAR
all the bank accounts operated by the business.
If payments are
not subject to GST from this
should be noted.
4. BANKING DEPOSIT BOOKS FOR YEAR
all business Bank Accounts and for the full period.
5. CASH BOOK IF YOU HAVE PREPARED ONE
should have separate sections for Cash Payments
and Cash Receipts and analyse the Payments and Receipts to
GST (if applicable) and other cost and income categories.
All items on your business Bank Accounts for the period
should be itemised.
6. IF YOU HAVE NOT BEEN KEEPING A CASHBOOK?
Marked clearly the nature of all payments on the cheque
expenses or drawings should be marked.
If payments are not subject to GST this should be marked.
Indicated on the Deposit Slips those Deposits which are not
Alternatively noted all these details on each line of your
IF YOU PROCESS YOUR ACCOUNTS BY THE USE OF A COMPUTERISED
8. BUSINESS ITEMS NOT PROCESSED THROUGH BUSINESS BANK ACCOUNTS
If you paid for business related costs out of pocket and
your business Bank Account has not refunded you please provide a
list which shows:
supply a list of business
income not banked into business Bank Accounts.
(b) Please supply a list of business income not banked into business Bank Accounts.
If you have a Petty Cash Float please provide your Petty
Cash Analysis of Expenditure Records.
9. YOUR INVOICES AND SUPPLIERS INVOICES
- If you prepare an Invoice for sales please provide your Invoice Book showing all invoices for the period.
- The Invoices you have collected from your Suppliers relating to your payments for the period.
10. ALL CORRESPONDENCE WITH IRD
all GST Returns (if applicable) and workpapers.
all FBT Returns (if applicable) and workpapers.
monthly IR345 Employer Deductions and IR348 Employer
Monthly Schedule (if you have kept a copy of the latter) Forms if
you pay wages.
Statements of Account received from IRD relating to PAYE,
ACC, GST, FBT.
current year IR3,
IR4, IR6, IR7, Personal Tax Summary Income Tax Returns and Summary
of Earnings Forms if you were not on our agency list and received
any other correspondence with IRD.
11. CREDIT CARD STATEMENTS
used for business, please identify what the expenditure should be
12. WAGES RECORDS
- monthly IR345 Employer Deductions and IR348 Employer Monthly Schedule (if you have kept a copy of the latter) Forms if you pay wages.
13. CASH ON HAND AT BALANCE DATE
Petty Cash Float.
14. STOCK ON HAND
should undertake a count of stock at balance date.
This should be valued at lower of cost or market value
(excluding GST). Please
provide your stock take sheets.
15. WORK IN PROGRESS
in Progess at balance date should be counted and valued and
schedules prepared as for stocks.
Work in Progress should be valued at cost of materials,
direct labour and factory overhead after deducting progress
provide your count sheets.
16. PRIVATE USE
of expenses incurred to be allocated as private:
Telephone and Tolls-
(c) Goods for Own Use $...........
17. BUSINESS MOTOR VEHICLE EXPENSES
If your business owns a motor vehicle on which Fringe
Benefit Tax is paid ignore this section.
Please provide log book and method for recording these.
18. ACCOUNTS RECEIVABLE (SUNDRY DEBTORS)
prepare a list of amounts "owing to you" at
balance date with the following columns:
19. ACCOUNTS PAYABLE (SUNDRY CREDITORS)
prepare a list of amounts "owing by you" at balance date
with the following columns:
remember to include GST due and PAYE payable on the 20th of
the month following.
20. LOANS AND/OR MORTGAGES
provide statements from financial institutions relating to loans
and/or mortgages applicable to your business which indicate the
balances still owing at balance date.
interest paid during the period.
21. HIRE PURCHASE AGREEMENTS
provide your copy of any Hire Purchase Agreement if business
related and commenced during the period.
If you are a new client please provide the Agreement for
any business Hire Purchase contract still being paid off.
22. REPAIRS AND MAINTENANCE
If information is not recorded in full on cheque butts or cashbooks, please provide details of major repairs and maintenance to business assets during the financial period Invoices for large amounts should be provided.
23. FIXED ASSETS
Assets are items which are not required for immediate resale,
which are used by your business longer than a year and cost more
than $200 excluding GST.
Please provide two lists as follows:
Fixed Assets Purchases:
Cost (excluding GST).
Method of Payment.
Fixed Assets Sold or Disposed of:
If any Fixed Assets in previous period Financial Statements
are to be written off as they
are now damaged and not usable in the business.
24. USE OF HOME FOR BUSINESS PURPOSES
you use your home in furtherance of the conduct of your business
(e.g. you have an area allocated specifically as an office or
storage area) please provide the following information:
area used for business.
total area home.
cost of home or particular premises used specifically for
construction of home or particular premises used for
power account, % used for business.
interest on home mortgage.
insurance account on home and contents.
fixed assets used specifically for business.
- repairs on these fixed assets.
25. RESIDENTIAL TELEPHONE ACCOUNT USED PARTIALLY FOR BUSINESS
prepare an analysis of residential telephone accounts used
partially for business with the following columns:
26. FARMING CONCERNS
provide lists which show:
breakdown of purchase by stock type and costs.
breakdown of deaths by stock type.
closing stock at year end and breakdown by stock type.
27. HORTICULTURAL CONCERNS
advise estimated value of closing stock of sprays and fertiliser.
28. PROPERTY RENTAL BUSINESS ACTIVITY
provide details of:
Income - rental
on loans, rates, insurance. repairs and maintenance, vehicle
expenses (provide a list of trips incurred), other expenses
Depreciation- if property purchased in current period cost
of purchase, solicitor's account and correspondence, valuation of
land, carpets/vinyl, drapes, stove/rangehood, woodfire,
other major fixed assets.
29. INTEREST INCOME
provide the Statement received the bank or other financial
Resident Withholding Tax deducted.
that you provide this from all institutions from which you
received interest income.
30. DIVIDEND INCOME
provide the Dividend Remittance advices received for the Dividend
that you provide all Dividend Remittance advices for the year.
31. ANY OTHER OTHER INCOME WHATSOEVER
Distributions from a Trust.
Losses from a Loss Attributing Company for which we
are not preparing Income Tax Returns.
Shareholders Salaries attributed from companies for which
we are not preparing Income Tax Returns.
any other taxable income whatsoever.