Tax Checklist

TaxBalance offers a personalised service so that you are not just dealing with a computer system to do your tax for you.
We can advise you on what you can claim on your tax return to maximise your refund and we can provide you with information and fact sheets so that you are records are appropriate for tax returns into the future.
Our service includes assistance with any ATO enquiries and we can email you a copy of your tax return so that you always have access to your tax records - this is very handy when you are applying for finance.
Your tax refund can be placed in your bank account so that you don't have to wait for the cheque to clear.
If you have tax returns that are late or outstanding BAS we can help you -  we will contact and talk to the ATO on your behalf - simply contact our office today
Primary Producers
We can assist you with all your tax planning and compliance issues.
We can help you with things such as livestock/grain trading, GST/Fuel Tax Credit/BAS issues, Farm Management Deposits, as well as keeping up to date with current legislation from the Australian Tax Office. There are a number of current concessions that may benefit your business such as Instant Write offs for assets purchased under $20,000, and accelerated depreciation for other assets, Small business restructure rollovers, Small Business income tax offsets, and Company tax rate cuts for Small Business.
Some Tips for Farmers
  • When it comes to your business tax, it’s all about minimising the impact of taxation payments on the cash flow of your business.
  • If you run a sheep farm, for instance, you can claim dog food as a business expense if you have working dogs, even if you have purchased it in with your groceries.
  • The same goes for vet bills. If you just thought of the animals as pets rather than a vital business expense, think again.
  • This allows for the immediate write-off of business assets purchased up to $20,000.There is no guarantee that this will remain in place in the years ahead, so farmers should make the most of it while they can. At this time the deduciton only applies to assets purchased before June 30th 2017 for small businesses
  • Everyone is pretty good these days keeping up with the GST requirement of up-to-date records every three months, even small scale farmers.
  • Many farmers are moving away from the paper-based ‘shoebox method’ of keeping receipts and using cloud-based systems such as Xero to keep track of their business expenses, allowing easier and quicker record keeping.
  • Changing your business strategy, making a major infrastructure investment or purchasing other businesses can have major tax implications that may make you think twice.
  • There can be confusion over what can be claimed as a business expense because, for farmers especially, household expenses can easily get mixed in with business costs.
  • Things like private use of motor vehicles, and appropriate levels of deductions for home expenses, electricity.
Selling the farm
You may make a capital gain or capital loss when you sell (or otherwise cease to own) a working farm. Capital gains are subject to capital gains tax (CGT), with a discount for individuals and trusts. If your home is part of the working farm, you may be eligible for a partial main residence exemption. There are also concessions for small businesses with an aggregated annual turnover of less than $2m which meet certain eligibility criteria. These are:
  • Small business 15-year exemption - If your business has owned the farm for 15 years and you are aged 55 years or over and are retiring, or if you are permanently incapacitated, you may not have an assessable capital gain when you sell the farm.
  • Small business 50% active asset reduction - You may be able to reduce the capital gain on the disposal of your farm by 50%.
  • Small business retirement exemption - A capital gain from the sale of your farm may be exempt up to a limit of $500,000 if you retire. You may also be able to access this concession if you are under 55 provided you pay the exempt amount into a super fund.
  • Small business rollover - If you sell a small business asset, you can defer your capital gain until a later year if you rollover the gain into a replacement asset.
What you might need to bring with you for your tax return to be prepared
  • Payment Summaries
  • Interest earned
  • Dividend Statements
  • Receipts for courses
  • Receipts for tools, computers, work related clothing and other expenses
  • A copy of your last tax return
  • Private Health Insurance statements  - This will be really handy for 2015 tax  returns!
  • Rental property details
  • Details of your partners income
What you might need to bring with you for your BAS to be prepared
  • Bank statements
  • Copies of invoices to clients
  • Copies of invoices from clients
  • Fuel dockets showing litres purchased
  • Livestock sales and purchase accounts
  • Insurance invoice papers showing GST amounts
  • Motor Vehicle registration papers