Small Year End Compliance Template

Transcription

1 Small Year End Compliance Template PRE-JOB Client Information Request Engagement Letter and/or Contract Attach Group Structure Diagram Attach and Review Last Year's Points Forward Complete budget and/or Contract Client records received and checked Conduct Job Briefing Meeting COMPLIANCE PRE-WORK CHECKLIST Confirm prior year opening balances Have last year's adjusting journals been appliced to the client file? Import client data using SyncDirect BALANCE SHEET REVIEW ASSETS CURRENT ASSETS Trade Debtors Cash and equivalents NON-CURRENT ASSETS Property, Plant & Equipment LIABILITIES CURRENT LIABILITIES GST Payable Trade Creditors ATO Liabilities Provision for Income Tax NON-CURRENT LIABILITIES Borrowings EQUITY Share Capital/Settled Sum Reserves PROFIT AND LOSS REVIEW INCOME Interest Received Trading Account Distributions Received EXPENSES Interest Expenses Wages, Salaries and Superannuation Repairs and Maintenance Breakdown of General Expenses Confirm nature of Legal Expenses Attach Draft Accounts Year end adjustment Journals INCOME TAX RETURN Attach copies of relevant schedules below: Franking Account Tax Reconciliation Group Tax Summary

2 Small Year End Compliance Template ATO Portal Accounts/Reports Attach PDF ITR Form Stand-alone ITR Workpapers COMPLIANCE WRAP UP Sent-for-signature letter Minutes/Declaration/Resolutions Year End Resolution Dividend/Distribution Minutes Directors/Trustees Minutes Points forward Value-add points for client meeting Value-added reports 1st Review Final Review JOB OUT Final Fee Agenda for Client Meeting Final Client Signed Pack

3 Year End Compliance PRE-JOB Client Information Request Engagement Letter and/or Contract Attach Group Structure Diagram Attach and Review Last Year's Points Forward Complete budget and/or Contract Client records received and checked Conduct Job Briefing Meeting COMPLIANCE PRE-WORK CHECKLIST Confirm prior year opening balances Have last year's adjusting journals been appliced to the client file? Import client data using SyncDirect BALANCE SHEET REVIEW ASSETS CURRENT ASSETS Trade Debtors Cash and equivalents Other Receivables Inventories Prepayments NON-CURRENT ASSETS Investments Property, Plant & Equipment Loans - Div7A Loans - Other LIABILITIES NON-CURRENT LIABILITIES Loan Account Reconciliation Borrowings CURRENT LIABILITIES Other Creditors Trade Creditors GST Payable ATO Liabilities Provision for Income Tax Employee Entitlements Hire Purchases EQUITY Unpaid Present Entitlements Reserves Share Capital/Settled Sum PROFIT AND LOSS REVIEW INCOME Interest Received Trading Account Investment Income Revenue Accounts Distributions Received

4 Year End Compliance EXPENSES Payroll Tax Wages, Salaries and Superannuation Insurance Expenses Interest Expenses Repairs and Maintenance Confirm nature of Legal Expenses Breakdown of General Expenses Group Considerations Do all inter-entity loan accounts reconcile? Do inter-entity transactions reconcile? (Consider rent, interest etc) Year end adjustment Journals Value-added reports Attach Draft Accounts INCOME TAX RETURN Attach copies of relevant schedules below: Franking Account Tax Reconciliation Group Tax Summary ATO Portal Accounts/Reports Attach PDF ITR Form Stand-alone ITR Workpapers COMPLIANCE WRAP UP Sent-for-signature letter Minutes/Declaration/Resolutions Year End Resolution Dividend/Distribution Minutes Directors/Trustees Minutes Points forward Value-add points for client meeting 1st Review Final Review JOB OUT Final Fee Agenda for Client Meeting Final Client Signed Pack

5 Tax Return Only PRE-JOB Client Information Request Engagement Letter and/or Contract Attach Group Structure Diagram Attach and Review Last Year's Points Forward Complete budget and/or Contract Client records received and checked Conduct Job Briefing Meeting INCOME TAX RETURN Attach copies of relevant schedules below: Franking Account Tax Reconciliation Group Tax Summary ATO Portal Accounts/Reports Attach PDF ITR Form Stand-alone ITR Workpapers COMPLIANCE WRAP UP Points forward Sent-for-signature letter Value-add points for client meeting 1st Review Final Review JOB OUT Final Fee Agenda for Client Meeting Final Client Signed Pack

6 Special Work PRE-JOB Client Information Request Engagement Letter and/or Contract Attach Group Structure Diagram Attach and Review Last Year's Points Forward Complete budget and/or Contract Client records received and checked Conduct Job Briefing Meeting SPECIAL ADVICE WORKING PAPERS Points forward Sent-for-signature letter 1st Review Final Review JOB OUT Final Fee Agenda for Client Meeting Final Client Signed Pack

7 Activity Statement Template Attach copies of relevant schedules below Wages Report GST Report Profit and Loss Balance Sheet ATO Accounts/Reports Management Pack Value Added Reports Activity Statement Working Papers

8 Fringe Benefits Tax PRE-JOB Client Information Request Engagement Letter and/or Contract Attach Group Structure Diagram Attach and Review Last Year's Points Forward Complete budget and/or Contract Client records received and checked Conduct Job Briefing Meeting FRINGE BENEFITS TAX RETURN Meal Entertainment Benefits Motor Vehicle Benefits Entertainment - Income Tax Exempt Body LAFHA Car Parking Fringe Benefit Confirm car park used for calculation is the cheapest available within 1km Expense Payment Benefit Loan Benefits Property Benefits Exempt Benefits Debt Waiver Benefits Housing Benefits Board Benefits Residual Benefits FBT CALCULATION Confirm correct gross up rates have been applied FBT Reconciliation Calculate Reportable Fringe Benefits for PAYG Payment Summaries Reconcile FBT Instalments FBT Reimbursement Journals Fringe Benefits Declarations Completed FBT Return Form Payment Slip 1st Review Final Review JOB OUT Agenda for Client Meeting Final Fee Final Client Signed Pack

9 Client Onboarding CLIENT ACCEPTANCE Ethical clearance letter from prior accountant Are there any risks to the reputation of the firm in taking on this client? Have you considered the implications of APES110 in accepting this client? Engagement Letter ADMIN TASKS Add client to ATO Tax Agent Portal Add client to ASIC Portal PERMANENT REFERENCE INFORMATION Use this section to add any permanent files as needed Group Structure Diagram Trust Deed/Articles of Incorporation

10 Annual Compliance - Quarterly PRE-JOB Engagement Letter and/or Contract Complete budget and/or Contract Attach Group Structure Diagram September Activity Statement Working Papers Attach copies of relevant schedules below GST Report Wages Report Profit and Loss Balance Sheet ATO Accounts/Reports Management Pack Value Added Reports Attach Activity Statement June Activity Statement Working Papers Attach copies of relevant schedules below GST Report Wages Report Profit and Loss Balance Sheet ATO Accounts/Reports Management Pack Value Added Reports Attach Activity Statement March Activity Statement Working Papers Attach copies of relevant schedules below GST Report Wages Report Profit and Loss Balance Sheet ATO Accounts/Reports Management Pack Value Added Reports Attach Activity Statement December Activity Statement Working Papers Attach copies of relevant schedules below GST Report Wages Report Profit and Loss Balance Sheet ATO Accounts/Reports

11 Annual Compliance - Quarterly Management Pack Value Added Reports Attach Activity Statement

12 Month - Management Pack Profit and Loss Balance Sheet Value Added Reports