TAX TIME 2013 Dear Client, Please find enclosed a checklist to assist in the preparation of your 2013 Income Tax Return. The checklist and all supporting documentation should be brought with you to your appointment. Call our office to a book a time that suits you. From July to September, Partners and Senior Accountants will be available for tax return appointments on the following days: John Cleary David Willder Heath McCartney Tom Aldridge Darren Slattery 9:00am to 12:00pm Monday 9:00am to 6:00pm Tuesday and Thursday 9:00am to 6:00pm Wednesday, Thursday and Friday 8:00am to 6:00pm Monday, Tuesday and Wednesday and 9:00am to 2:00pm Friday 9:00am to 5:00pm Monday and Tuesday 9:00am to 5:00pm Thursday and Friday If you prefer to post in or email your checklist and supporting documents, we will give you a call as we work through it. In recent years, the Australian Taxation Office has amplified the tax compliance obligations on tax agents thereby increasing the work involved to complete income tax returns. If the Tax Office triggers an audit on your tax return, we will be contacted to provide further information including original receipts to support the legitimacy of your claims. This requires extra compliance work and communication with the Tax Office on your behalf and as such a separate fee will be charged. We advise that this year our minimum fee for preparation of individual income tax returns will be 190. Additional fees will be charged for more involved returns, such as those with rental properties. Rest assured, we will continue to provide excellent tax advice that incorporates your individual circumstances and minimises your tax obligations. Geelong Office: 72-76 Ryrie Street GEELONG VIC 3220 Colac Office: 90-98 Wallace Street COLAC VIC 3250 P. 03 5222 3200 F. 03 5201 1222 P. 03 5231 6711 F. 03 5201 1222 www.wmcaccounting.com.au Follow us on:
PAYMENT OF FEES OUT OF INCOME TAX REFUND I (Name),.. of (Address), Phone (W): Client Code: Phone (H): Invoice No: Hereby irrevocably authorise and request WMC Accoun ng to bank my Income Tax Refund into your Firm s Trust Account held at The Westpac Bank, 95-97 Moorabool Street, Geelong and therefrom to deduct the costs and fees payable by me for the prepara on of my Income Tax Return totalling... including GST. I further direct that the balance remaining a er deduc on of the said fees be deposited in the following bank account: Account Name:... BSB:... Account No:... I further authorise CPA Australia and appointed Auditors to access trust accounts and records for the purposes of trust account inspec on, quality review or disciplinary proceedings by CPA Australia. This authority is strictly limited to the engagement referred to in the body of this document. Yours faithfully X...... Date / /
PART 1 2013 INDIVIDUAL INCOME TAX RETURN CHECKLIST Client Name Address Suburb Post code Contact Phone Mobile E-mail Bank Details for Refund Deposit BSB Account No. (NB* The ATO have now made refund deposits into a bank account mandatory) INCOME Did you receive income relating to any of the following categories? Salary and wages/payg payment summaries No Yes If yes, please attach details Centrelink PAYG payment summary No Yes If yes, please attach details Aust. government pensions and other allowances No Yes If yes, please attach details Other Australian pensions or annuities No Yes If yes, please attach details Investment income including interest, dividends and/or distributions No Yes If yes, complete attached sheet Income from partnerships and/or trusts No Yes If yes, please attach details Did you have a Capital Gain from a sale of assets? No Yes If yes, complete attached sheet Foreign source income (incl foreign pensions) No Yes If yes, please attach details Rental income & expenses No Yes If yes, complete attached sheet Bonuses from life assurance or friendly society policy No Yes If yes, please attach details Other income (please specify) No Yes If yes, please attach details TAX OFFSETS / REBATES / OTHER Do you wish to claim a Spouse offset (without dependent child)? No Yes Did you have Private Health Insurance? No Yes If yes, please attach statement Superannuation contributions on behalf of spouse No Yes Do you wish to claim a 20% tax offset on net medical expenses over 2,120? No Yes If yes, please attach details Education Tax Refund - NO INFORMATION REQUIRED (from the 2012 year onwards the education refund is paid directly from the Family Assistance Office and is no longer claimed through your income tax return).
DEDUCTIONS Work related car expense claims Vehicle Type Kilometre Claim - number of kilometres (< 5,000) # kms OR Percentage claim for work use (Log Book) % Work Use Interest on Loan Repairs & services Loan payments Car washes Fuel Other Registration, insurance & RACV Other work related travel expenses Airfares, train travel, accommodation, meals etc Work related uniform & other clothing expenses Other expenses Protective clothing Power & Gas for working at home Uniforms Computer, internet and software Laundry (up to 150 without receipts) Home telephone Dry cleaning Mobile telephone Stationery Work related self education expenses Tools and equipment Name of course and institution: Subscriptions Seminars & short courses Course Fees (HELP is not deductible) Journals / periodicals Books Sunscreen / sunglasses Travel Union dues Stationery Other (please specify) Other (please specify) Deductions against investment income: Loan Interest Travel Expenses Bank Fees Computer Expenses Books & Subscriptions Other Gifts or donations Other Information
PART 2 2013 INDIVIDUAL INCOME TAX RETURN CHECKLIST INVESTMENT INCOME Bank account interest Name of financial institution Account No. Please circle Dividends: (Please provide details and/or complete) Name of company Unfranked Franked Imputation Cr TFN amount Please circle Did you receive a distibution from a Managed Fund? NO / YES If yes, attach Annual Tax Statement CAPITAL GAINS Property Purchase Cost Sale Price Date on Contract: / / Date on Contract: / / Settlement Date: / / Settlement Date: / / Stamp Duty Legal Fees to Sell Title Registration Agents Commission to Sell Legal Fees to Purchase Selling Costs Shares/Investments Name of Shares Name of Shares Number of Shares Number of Shares Purchase Date: / / Selling Date: / / Purchase Date: / / Selling Date: / / Purchase Cost incl. Brokerage Purchase Cost incl. Brokerage Selling Cost incl. Brokerage Selling Cost incl. Brokerage Name of Shares Name of Shares Number of Shares Number of Shares Purchase Date: / / Selling Date: / / Purchase Date: / / Selling Date: / / Purchase Cost incl. Brokerage Purchase Cost incl. Brokerage Selling Cost incl. Brokerage Selling Cost incl. Brokerage
RENTAL INCOME & EXPENSES PROPERTY 1 Address Suburb State Post code Date first earned income No. weeks property was rented this year PROPERTY 2 Address Suburb State Post code Date first earned income No. weeks property was rented this year PROPERTY 3 Address Suburb State Post code Date first earned income No. weeks property was rented this year Please provide details or complete Property 1 Property 2 Property 3 Income Rent Expenses Advertising Agent's Commission Bank Charges Body Corporate Fees Council Rates Gardening/Lawn Mowing Insurance Interest Land Tax Letting Fee Repairs & Maintenance Stationery, Telephone & Postage Travel Water Rates Other (please list) Capital Expenses over 300 Please list items including purchase date If new property, we require the following:- Statement of Adjustments on purchase Stamp Duty cost Loan Establishment and other costs Registration of Title costs Loan Statements Legal Fees on Purchase Quantity Surveyors Report or List of Depreciable Assets
FINANCIAL PLANNING CHECKLIST 2013 Client Name Address Suburb Post code Contact Phone Mobile Email YOUR INVESTMENTS Complete these questions to help us establish any issues with your investments. Are you confident your investments are structured for tax effe veness? No Yes Are you happy with their performance? No Yes Do these investments l meet your personal needs, goals & objec ves? No Yes YOUR SUPERANNUATION Complete these questions relating to superannuation to help us understand your retirement position. Do you hold more than one superannua on fund? No Yes Do you know the current balance of your superannua on? No Yes Do you take advantage of the Federal Govt. Co-Contribu on Scheme? No Yes Do you believe you will have enough money in re ment to support your lifestyle? No Yes Are you approaching 55, 60 or 65 - if so have you considered planning for your re ment? No Yes Are you happy with your superannua on? No Yes CENTRELINK Complete these questions relating to your understanding of Centrelink Bene ts. Are you receiving Centrelink Benefits? No Yes Are you confident you are receiving your maximum pension/allowance en tlement? No Yes Are you confused about how to access Centrelink benefits in re ment? No Yes Do you need assistance dealing with Centrelink or confused how to access Centrelink? No Yes Did you know superannua on may help you increase your en tlement? No Yes RISK AND INSURANCE Complete these questions to help us establish any issues with your current insurance levels. Do you know how long you could con nue in your lifestyle if you couldn't work due to illness or injury? No Yes Do you have Income Pro n, Life, TPD or Trauma Insurance? No Yes Do you feel you need to review your Personal Pro n Insurances? No Yes LIFESTYLE Complete these questions to help us establish any recent changes that have occurred in your lifestyle. Have you recently changed jobs, been made redundant or retrenched? No Yes Do you have equity in a property for investment or gearing purposes? No Yes Have you recently received an inheritance or windfall? No Yes If you ticked any of the orange boxes then you may need to see one of our nancial advisers. As a limited special o er RetireInvest are o ering clients of WMC Accounting a complimentary no-obligation 30 minute appointment with one of our quali ed advisers (normally costs 220). We will call to arrange a time.
ENGAGEMENT BROCHURE This brochure is to confirm our understanding of the terms of our engagement and the nature and limitations of the services we will provide. Purpose, Scope and Output of the Engagement This firm will provide Taxation services which will be conducted in accordance with the relevant professional and ethical standards issued by the Accounting Professional & Ethical Standards Board Limited (APESB), and Tax Agent Services Act 2009. The extent of our procedures will be limited exclusively for this purpose. As a result, no audit or review will be performed and, accordingly, no assurance will be expressed. Our engagement cannot be relied upon to disclose irregularities including fraud, other illegal acts and errors that may exist. However, we will inform you of any such matters that come to our attention. The engagement will include the operations and procedures of the Client as agreed if applicable to the circumstances. Our professional services are conducted and the necessary tax return will be prepared for distribution to the relevant specific organisation or party for the purpose specified in the report or as agreed. We disclaim any assumption of responsibility for any reliance on our professional services to any party other than as specified or agreed, and for the purpose which it was prepared. Where appropriate, our report will contain a disclaimer to this effect. Responsibilities In conducting this engagement, information acquired by us in the course of the engagement is subject to strict confidentiality requirements. That information will not be disclosed by us to other parties except as required or allowed for by law, or with your express consent. We wish to advise that our firm s system of quality control has been established and maintained in accordance with the relevant APESB standard. As a result, our files may be subject to review as part of the quality control review program of CPA Australia which monitors compliance with professional standards by its members. We advise you that by accepting our engagement you acknowledge that, if requested, our files relating to this engagement will be made available under this program. Should this occur, we will advise you. Clients are responsible for the reliability, accuracy and completeness of the accounting records, particulars and information provided and disclosure of all material and relevant information. Clients are required to arrange for reasonable access by us to relevant individuals and documents, and shall be responsible for both the completeness and accuracy of the information supplied to us. Any advice given to the Client is only an opinion based on our knowledge of the Client s particular circumstances. A taxpayer is responsible under self assessment to keep full and proper records in order to facilitate the preparation of a correct return. Whilst the Commissioner of Taxation will accept claims made by a taxpayer in an income tax return and issue a notice of assessment, usually without adjustment, the return may be subject to later review. Under the taxation law such a review may take place within a period of up to [ 3 ] years after tax becomes due and payable under the assessment. Furthermore, where there is fraud or evasion there is no time limit on amending the assessment. Accordingly, you should check the return before it is signed to ensure that the information in the return is accurate. Where the application of a taxation law to your particular circumstances is uncertain you also have the right to request a private ruling which will set out the Commissioner s opinion about the way a taxation law applies, or would apply, to you in those circumstances. You must provide a description of all of the facts (with supporting documentation) that are relevant to your scheme or circumstances in your private ruling application. If there is any material difference between the facts set out in the ruling and what you actually do the private ruling is ineffective. If you rely on a private ruling you have received, the Commissioner must administer the law in the way set out in the ruling, unless it is found to be incorrect and applying the law correctly would lead to a better outcome for you. Where you disagree with the decision in the private ruling, or the Commissioner fails to issue such a ruling, you can lodge an objection against the ruling if it relates to income tax, fuel tax credit or fringe benefits tax. Your time limits in lodging an objection will depend on whether you are issued an assessment for the matter (or period) covered by the private ruling. Period of Engagement This engagement will start upon acceptance of the terms of engagement by you, the Client, in line with this brochure. We will not deal with earlier periods unless you specifically ask us to do so and we agree. Fees The fee arrangement is based on the expected amount of time and the level of staff required to complete the relevant services as agreed. Fee invoices are payable within 14 days of issue. Limitation of Liability Our liability is limited by a scheme approved under Professional Standards Legislation. Further information on the scheme is available from the Professional Standards Councils website: http://www.professionalstandardscouncil.gov.au. Ownership of Documents All original documents obtained from the client arising from the engagement shall remain the property of the client. However, we reserve the right to make a reasonable number of copies of the original documents for our records. Our engagement will result in the production of electronic documents or files, which will be supplied to the client. Ownership of these documents will vest in you. All other documents produced by us in respect of this engagement will remain the property of the firm. Confirmation of Terms Acceptance of our services in conjunction with this information brochure indicates that you understand and accept the arrangements. This information will be effective for future engagements unless we advise you of any change.