2024 Business Financial Statements and Tax Checklist

Information required for your business financial statements and tax return

Contact Details

Your Name(Required)

First Last

Home telephone

Office telephone

Mobile telephone

E-mail address

Solicitors Details

Please note the details of your current solicitor/lawyer

Name

Firm

Terms of Engagement

Terms of Engagement(Required)

I/We hereby instruct you to prepare my/our financial statements and tax returns for the year/period ending 31 March 2024. I/We undertake to supply all information necessary to carry out such services, and will be responsible for the accuracy and completeness of such information. I/We understand that you will rely upon the information provided by me/us. Your services are not intended to, and accordingly will not result in the expression by you of an opinion on the Financial Statements in so far as third parties are concerned, or in the fulfilling of any statutory audit requirements. I/We understand that during preparation of the financial statements and tax returns you will not be specifically investigating non-compliance with laws and regulations – however should anything come to light of this nature during this process, you will bring that to my/our attention.

I/We understand that the financial statements and tax returns are prepared for my/our own use and to determine my/our taxation liabilities. If this should change in any material respect, I/we will inform you immediately. You will not accept any responsibility to any person, other than me/us, for the contents of the financial statements.

All other terms and conditions of this engagement are the same as those referred to in the original engagement letter I/we signed when I/we became a client.

I/We also accept that you have the right to charge interest on overdue accounts at the rate of 1.5% per month, and that all accounts are due for payment by the 20th of the month following invoice date. The charging of such interest will be at your discretion. I/We accept that any collection costs you incur will be fully recoverable from me/us.

You are hereby authorised to communicate with my/our bankers, solicitors, finance companies, all government agencies and other persons or organisations to obtain such information as you require in order to complete the above assignments.

You are to represent me/us as my/our tax agent. All income tax returns will be signed by me/us however you are authorised to sign any other tax return on behalf of myself/ourselves or any of my/our associated entities.

I/We agree to the terms stated above(Required)

Bank statements, cash books, etc

An online accounting system is used (e.g. Xero / MYOB)

A non cloud based computerised accounting system is used d (e.g. MYOB)

A cashbook (computerised / manual) or no system is used

Please provide: Final bank statement for the year for all bank accounts

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Max. file size: 25 MB.

Please provide the following:

a) General ledger detailed, general ledger summary, trial balance, profit and loss, balance sheet, GST reconciliation. b) Copy of bank reconciliation as at balance date for all bank accounts. c) Final bank statement for the year for all bank accounts

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Max. file size: 25 MB.

Please provide the following:

a) Cashbook (if one is kept, including one-month past balance date). b) Copy of bank reconciliation as at balance date for all bank accounts. c) Bank statements for the full year for all bank accounts

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Max. file size: 25 MB.

Note: If no cashbook has been kept, please ensure that bank statements include the details of what each deposit and withdrawal was for.

Loan statements

Supply a copy of any loan transaction statements for the financial year up to your balance date, including loans that have been refinanced or repaid during the year.

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Max. file size: 25 MB, Max. files: 20.

Employers – wages paid to employees

Supply a month-by-month summary of gross wages, termination or incentive payments and PAYE deductions as returned to the IRD. (Not required if you use Xero payroll).

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Max. file size: 25 MB, Max. files: 20.

Covid-19 support payments

Have you received the Covid-19 leave support payments? (please note all dates and receipts)

Where Covid-19 leave support payments have been received for stakeholders (shareholders/partners/trustees/beneficiaries/owners) of the business

Please provide details of the following: Amounts received for each stakeholder and whether amounts received were for full-time or part-times

Have you or did you receive the Covid-19 small business loan?

Date and amount

Have any amounts of Covid-19 support payments been repaid back?

Please provide details of payment (dates and amounts) and reason for repayment

Fringe benefit tax (FBT) returns

Supply copies of fringe benefit tax (FBT) returns and work papers.

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Max. file size: 25 MB.

Goods and services tax (GST) returns

Please supply your copies of goods and services tax (GST) returns and work papers if not filed via Xero.

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Max. file size: 25 MB.

Interest and dividend certificates

Supply copies of certificates.

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Max. file size: 25 MB.

Lease details

Supply copies of lease agreements for non-building assets (e.g. motor vehicles, equipment).

Drop files here or

Max. file size: 25 MB.

Foreign income

Details of any foreign income received, and any tax deducted from this.

Accounts receivable (debtors)

All accounts or amounts owing to you at balance date should be scheduled. Exclude bad debts. To enable bad debts to be excluded from income, these must be written off prior to balance date.

Total at balance date

GST

Included

Excluded

Amounts owing to you at 31 March 2024

Name of debtor

Description of sale

Code

Total incl GST

Accounts payable (creditors)

All accounts or amounts owing by you at balance date should be scheduled indicating name of creditor, amount and what the debt is for.

Total at balance date

GST

Included

Excluded

Amounts owing by you at 31 March 2024

Name of creditor

Description of goods

Code

Total incl GST

Cash on hand

Cash on hand*

*(Include cash sales prior to balance date but not banked until after balance date)

Date banked

Petty cash

Till floats/ cash floats

Stock on hand

Stock should be physically counted at balance date and adequate records retained to substantiate the dollar value arrived at.

Please note that if you estimate your stock to be less than $10,000 at the end of your income year, you may have the option of not physically counting your stock. In these circumstances we will assume that your closing stock is the same as your opening stock.

Please indicate if you would like to use this option.

Yes

Stock value

GST

Included

Excluded

Valued at lower of

cost

net realisable value

market value

Work in progress value

Include material costs, labour costs and overhead costs.

GST

Included

Excluded

Briefly, how was this calculated?

Prepayments made

Balance of any payments made before balance date for goods or services not received or used by balance date.

GST

Included

Excluded

Income in advance

Balance of any receipts received before balance date for goods or services not provided by balance date.

GST

Included

Excluded

Relevant files

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Max. file size: 25 MB.

Capital expenditure

Attach details of assets purchased or sold during the year such as motor vehicles, plant and equipment and properties. Where applicable please provide the following details: a) Hire purchase or loan agreements. b) Lease agreements. c) All legal statements and agreements. d) Trade-in details. e) Lost, stolen or scrapped items. f) Insurance pay out. g) Copy of tax invoices.

Drop files here or

Max. file size: 25 MB.

Transactions not through the business

Were all sales banked into your business trading bank account?

Yes

List amounts not banked and when they were lodged

Other non-taxable income

Did you receive non-taxable income from any other sources? If yes, please provide details.

Legal and loan documents

Please attach any solicitor's statements and sale and purchase agreements relating to any legal transactions during the year. Please also include statements and agreements relating to any mortgages, hire purchase, leases or loans.

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Max. file size: 25 MB.

Business expenses

There are a number of invoices that we specifically require. Please ensure the records you provide us with include all paid accounts for: a) Insurance premiums. b) Legal fees

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Max. file size: 25 MB.

Private use

Value of goods taken for private use at their cost price

GST

Included

Excluded

Expenses paid in cash or from personal funds

Please provide a list if applicable

Residential land withholding tax

Have you sold residential property in New Zealand where residential land withholding tax has been deducted and paid to the IRD? If so, provide details e.g. IR1100 Residential land withholding tax return and other sale and purchase documents.

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Max. file size: 25 MB, Max. files: 20.

Residential property sales

Have you sold any residential property during the year (not otherwise detailed on the information provided)?

Yes

When was the property purchased?

If it was purchased with 10 years of the sale date, what was the original purchase price and the sale price?

Mortgage interest paid on residential properties

Have you incurred interest on residential properties owned (which is not your main family home or a 'new build'*)? Is the interest also against properties other than residential rentals?

* A new build is a self-contained residence that receives a "code of compliance certificate" confirming the residence was added to the land on or after 27 March 2020

Yes

Please provide details of amount of interest and dates paid.

Research and development

Have you spent an amount on research and development during the income year?

If so, provide ledger accounts and details of expenditure

Motor vehicles

The proportion of motor vehicle business use as established by your vehicle log book(s) is/are:

Vehicles

Vehicle description

Business (in km)

Total (in km)

Percentage of business (%)

Please note that a detailed and accurate log book must be completed for a three month period every three years or vehicle expense claims will be limited to a maximum of 25% of expenses incurred.

If you are operating as a company, please indicate which vehicles you are currently paying Fringe Benefit tax for:

Home office expenses

If part of your home is set aside principally for use as an office/workshop/storage area, please provide the following details:

Address for home office

Home office area

No change as per previous year

New details

Area used for business

in m2

Total area of house and workshop

in m2

Cost method

Actual cost method

IRD square metre rate method *

Power

Insurance (building & contents)

Interest (house mortgage)

Rates (including regional council rates)

Rent

Repairs and maintenance

Telephone rental

Other

*Would you like to use the IRD rate? Currently it is $47.85 per square metre. This allowance doesn’t cover mortgage interest, rates or rent costs so we would still require these amounts

Mixed use holiday home

Does this entity have a property (such as a holiday home or a bach) that is used privately and also to derive income?

Yes

Provide details of property

Was the property empty for 62 days or more in the income year?

Yes

The number of days the property was empty during the income year

The number of days the asset was used by family or associated persons* during the income year OR where income from any person received was less than 80% of market rate

* Associated persons include close relatives, or if owned by an entity, persons associated with the entity owning the property

If there is more than one tenant who used the property through the year, please attach details.

Name of tenant

Relationship to owner (if any)

Amount of rent they paid

Dates rented (from: to)

Expenses incurred in respect of the property (the list below is not exhaustive – details of all expenses will be required):

Cost of advertising for tenants

Cost of repairing damages caused by tenants

Number of days spent in the property while repairing damages caused by tenants

Mortgage interest

Rates

Repairs/maintenance for general wear and tear

Other (please give details)

Mixed use boat or plane

Does this entity have a boat or plane (with a market value of $50,000 or greater), that is used privately and also to derive income?

Yes

Provide description and market value

Was the asset unused for 62 days or more in the income year?

Yes

The number of days the asset was unused during the income year

The number of days the asset was used by family or associated persons* during the income year OR where income from any person received was less than 80% of market rate

* Associated persons include close relatives, or if owned by an entity, persons associated with the entity owning the property

Number of days the asset was used

Income received

Cost of advertising for hireage

Cost of repairing damages caused by hireage

Operating costs / supplies

Insurance

Repairs/maintenance for general wear and tear

Other (please give details)

Cryptoassets

Have you received or traded in cryptoassets during the income year?

Yes

Please provide the following information:

a) The type of cryptoasset. b) For each transaction provide the date, type of transaction i.e. received or disposed of, number of units, value in NZD. c) Total units of each cryptoasset held at the beginning and end of the year d) Exchange records and bank statements e) Wallet addresses

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