2024 Trust 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 Covid-19 leave support payments?

Yes

Please note all dates and receipts

Date received

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

IRD disclosure requirement information (excluding non-active trusts)

If not provided already, could you please provide a copy of the trust deed and any amendments made to this.

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Max. file size: 25 MB.

Please provide the following information for all settlors and beneficiaries of the trust:

a) Full name. b) Date of birth or commencement date (for non-individuals). b) Jurisdiction of tax residency (if not NZ). c) IRD number (or tax identification number for those not resident in NZ).

Please provide details of any settlements made to the trust by settlors or any other persons (including those valued at zero)

Please provide details of any distributions made to beneficiaries, including the following

a) Distributions of accounting income. b) Distributions of capital, corpus or trust assets. c) Use of trust property for less than market value. d) Forgiveness of debt.

If not already provided above, can you please provide the following details of any person who has the power to appoint/dismiss a trustee, add/remove a beneficiary, or to amend the trust deed.

a) Full name b) Date of birth or commencement date (for non-individuals) c) Jurisdiction of tax residency (if not NZ) d) IRD number (or tax identification number for those not resident in NZ)

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.

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).

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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

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.

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Max. file size: 25 MB.

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.

Gifting programme

Please advise details of gifts made to your trust during the financial year. Including dates and amounts.

Gifting documentation

If you have copies of the gifting documentation from your solicitor, please attach. Please provide any acknowledgement of debts if available.

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Max. file size: 25 MB.

Major transactions

Please provide a list of any major transactions that have occurred during the financial year that affect the Trust.

Rental property details

Please provide us with the addresses of any rental properties you have.

If a property was not rented for a full 12 months, please provide details of why it was vacant.

Rental income and expenditure

Choose your method

Please bank statements clearly identifying and detailing all transactions that relate to the rental properties

Please provide details of the following for each rental property.

Files

Drop files here or

Max. file size: 25 MB.

Income

Total rent received

Expenses

Accounting fees

Phone

Advertising (to rent)

Power

Bank fees

Rates

Including regional council rates

Insurance

Repairs and maintenance

Please attach details or invoices in the file upload area below

Legal fees

Valuation fees

Management fees

Water rates

Mortgage interest

Attach copy of loan summary/statements from bank in the file upload area below

Details of other expense relating to rental property

Expense type

Amount $

Expense files

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

Details of visits to inspect property/conduct property business

Date

Details

Kilometers

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?

Has it been used as your main home for the full time it has been owned?

Yes

Please provide dates and details on the nature of the shared use.

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.

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

Name of tenant

Relationship to owner (if any)

Amount of rent they paid

Dates rented (from: to)

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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