Resources
Access useful accounting and financial resources from Eager & Partners. Stay updated with tax checklists, compliance tools and expert insights to help you manage your business and personal finances.
Resources
Sharing our knowledge and expertise
Resources
Sharing our knowledge and expertise
2025 Tax Planning Guide Part 1 and 2
Another financial year is coming to an end. The included articles will help you with your tax planning and, please, ask us if you have any questions.
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Guide to Buying a Business
What you need to know about the risks and benefits of buying an existing business or franchise
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$20,000 Instant Asset Write-off
This is a great scheme for small businesses and runs until the 30 June 2025.
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Tax Time Checklists Individuals; Company; Trust; Partnership; and Super Funds
These checklists will help us ensure you don't miss any deductions. Simply print, complete and return.
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Previous Newsletters
Checklist
Prepare the right documents
2025 Individual Tax Return
Income Tax Return Checklist
- PAYG Payment Summaries or Income Statements (from your employer)
- Centrelink payment summaries (if applicable)
- Investment income: interest, dividends, and managed fund statements
- Rental property income and expenses
- Capital gains information (shares, property, or other assets sold)
- Foreign income details (if any)
- Business or sole trader income records
- Partnership or trust distribution statements
- Work-related deductions (e.g., vehicle, travel, uniforms, tools, self-education)
- Donations to registered charities
- Private health insurance statement
- Spouse and dependants’ income details (if relevant)
- Bank account details for refunds
Work-related deductions
- Details of depreciable assets bought or disposed of during the income year (e.g. laptops)
- Details and receipts for home office expenses, including a diary for working-at-home expenses
- Details of working-from-home running expenses and receipts or time sheets
- Professional journals / trade magazines
- Professional memberships / subscriptions
- Receipts for continuing professional development courses and seminars
- Receipts for self-education expenses
- Receipts for other work-related deductions such as protective clothing, uniform expenses, tools and equipment, and travel
- Vehicle logbook for motor vehicle expenses (if using the logbook method)
Other deductions
- Receipts for donations of $2 and over to deductible gift recipients
- Expenditure incurred in managing tax affairs (e.g. tax agent fees)
- Expenditure incurred in earning interest, dividend and other investment income (e.g. investment advice fees)
- Income protection insurance premiums
Rental properties
- Date when property was purchased, including details of co-ownership if applicable
- Period property was rented out during the income year
- Records detailing rental income (annual statement from property agent, if engaging services of an agent)
- Loan statements for property showing interest paid for the income year
- Expenses incurred such as water charges, land tax and insurance premiums
- Details of depreciable assets bought or disposed of during the income year
- Details of any capital works on the property
- If the property was disposed of during the income year, information relating to dates and costs associated with the disposal of the property
Offsets / rebates
- Details of any superannuation contributions for spouse
- Details of dependants, including their age, occupation and income
- Private health insurance statement (and details of prepaid premiums)
If operating as a sole trader
- Cashbook, which includes records of drawings taken before the business takings were banked
- Copies of Business Activity Statements and/or Instalment Activity Statements lodged for the income year
- Copies of income statements / PAYG summaries for employees
- Details of any government grants, subsidies, payments or rebates received
- Details of superannuation contributions for employees
- Details of any assets purchased, including date of purchase and amount
- Payments of salaries and superannuation to associates
- Records from accounting software (e.g. trial balance, profit and loss, and balance sheet)
- Statements of all liabilities of the business
Other information – all individuals
- Details of residency status
- Other receipts or outgoings received or incurred, where uncertain if assessable / deductible
- Notice of superannuation contributions
- Individual's total superannuation balance
2025 Company, Trust or Partnership Tax Return
Income
- Accounting information, including trial balance, profit and loss, and balance sheet
- Asset register detailing depreciable assets bought and sold or scrapped during the income year
- Cashbook (if maintained)
- Copies of sell notes and settlement statements for shares sold (and original contract notes and settlement statements if possible)
- Copies of sell notes for units in managed funds sold (and original purchase notes if possible)
- Details of any other income such as rental income
- Details of any other investment income
- Details of any grants, subsidies, payments and rebates received
- Details of interest and repayments received from shareholders
- Details of proceeds from disposal of capital assets
- Managed funds distribution statements, annual tax statements and capital gains statements
- Dividend statements
Deductions
- Details of advertising and marketing expenses
- Details of bad debts actually written off during the income year
- Details of bonus deduction expenditure (e.g. external training courses, digital adoption and efficient energy use)
- Details of bonuses and commissions paid to employees
- Details of bonuses and commissions paid to external parties
- Details of bonuses paid to directors
- Details of borrowing costs for new loans entered into during the income year
- Details of director fees
- Details of donations of $2 and over to deductible gift recipients
- Details of entertainment expenses
- Details of expenses incurred during the income year that were associated with establishing, expanding, merging or liquidating the entity
- Details of fringe benefits tax paid (and a copy of the FBT return lodged)
- Details of interest on loans
- Details of lease expenses for motor vehicles, premises and equipment
- Details of legal expenses
- Details of lump sum payments (including for retirement and redundancy)
- Details of motor vehicle expenses
- Details of prepayments
- Details of professional subscriptions and journals
- Details of rates, land taxes and insurance premiums
- Details of repairs and maintenance
- Details of research and development activities and expenses
- Details of royalties paid
- Details of salaries paid, including fringe benefits
- Details of superannuation contributions for directors
- Details of superannuation contributions for employees
- Details of tax, accounting and audit fees paid
- Details of any assets purchased, including date of purchase and amount
- Details of travel expenses (provide travel diaries)
Balance Sheet – Assets
- Asset register detailing depreciable assets bought and sold or scrapped during the income year
- Bank statements
- Cheque book butts and deposit books
- Copies of confirmation for any units in managed funds purchased
- Copies of contract notes and settlement statements for any shares purchased
- Details of any other investments purchased
- Details of capital assets purchased during the income year
- Details of leases entered into and terminated during the income year
- Details of loans, payments, forgiveness of debts, or provision for use of assets to shareholders or their associates
- Details of work-in-progress
- Listing of trade debtors with amounts outstanding
- Value of stock as at 30 June 2025 (and basis of valuation)
Balance Sheet – Liabilities
- Accrued expenses (eg audit fees and bonuses) and unearned revenue
- Details of all loans
- Listing of trade creditors with amounts owing
- Provisions for long service leave and annual leave
- Statements from lending authorities detailing the opening and closing balances of existing loans during the financial year
Balance Sheet – Equity
- Details of any changes to shareholding
- Details of loans from shareholders or partners
- Details of any increase or decrease to reserves
Additional Information – Company
- Loans, payments, debt forgiveness, or use of assets given to shareholders or associates of the shareholders, if private company
- Auditor’s report (if applicable)
- Copies of Business Activity Statements and/or Instalment Activity Statements lodged for the income year
- Copies of minutes of company meetings
- Details of any share buy-backs or share cancellations
- Any of the following schedules (as applicable): • Losses (carry-forward tax losses and net capital losses exceed $100,000) • Capital gains tax • Dividend and interest • International dealings • Non-individual PAYG payment summary • Research and development (R&D) tax incentive
Additional Information – Trust
- Copies of Business Activity Statements and/or Instalment Activity Statements lodged for the income year
- Copies of minutes of trustee meetings, in particular distribution resolutions
- Copy of trust deed or any amendments during the income year, if not already supplied
- Details of any units redeemed or issued during the income year (for a unit trust)
- Details of any unpaid present entitlements to beneficiaries or associate private companies
- Details of any elections (eg family trust election, interposed entity election)
- If closely held trust (including family trust), any relevant notices (eg tax file number (TFN) report, trustee beneficiary (TB) statement)
Additional Information – Partnership
- Copies of Business Activity Statements and/or Instalment Activity Statements lodged for the income year
- Copies of minutes of partnership meetings
- Copy of partnership agreement
- If the partnership was restructured during the income year, all relevant details
- If a right to partnership income or capital was transferred, created, varied or terminated during the income year, all relevant details
Additional Information – All Entities
- Other receipts or outgoings received or incurred, where uncertain if assessable/deductible
- Copies of any employer shortfall exemption certificates
Deductions
- Details of advertising and marketing expenses
- Details of bad debts actually written off during the income year
- Details of bonus deduction expenditure (e.g. external training courses, digital adoption and efficient energy use)
- Details of bonuses and commissions paid to employees
- Details of bonuses and commissions paid to external parties
- Details of bonuses paid to directors
- Details of borrowing costs for new loans entered into during the income year
- Details of director fees
- Details of donations of $2 and over to deductible gift recipients
- Details of entertainment expenses
- Details of expenses incurred during the income year that were associated with establishing, expanding, merging or liquidating the entity
- Details of fringe benefits tax paid (and a copy of the FBT return lodged)
- Details of interest on loans
- Details of lease expenses for motor vehicles, premises and equipment
- Details of legal expenses
- Details of lump sum payments (including for retirement and redundancy)
- Details of motor vehicle expenses
- Details of prepayments
- Details of professional subscriptions and journals
- Details of rates, land taxes and insurance premiums
- Details of repairs and maintenance
- Details of research and development activities and expenses
- Details of royalties paid
- Details of salaries paid, including fringe benefits
- Details of superannuation contributions for directors
- Details of superannuation contributions for employees
- Details of tax, accounting and audit fees paid
- Details of any assets purchased, including date of purchase and amount
- Details of travel expenses (provide travel diaries)
2025 Superannuation Fund Tax Return
Bank Statements
- Bank statements for the tax year
- Details of all deposits and withdrawals
- Cheque book butts and deposit books
Investments
- Details of rent, leasing or hiring income
- Maturity notices for term deposits
- Distribution statements from trusts
- Dividend statements
- Statements of return of capital (from shares)
- Contract notes and settlement statements for any shares purchased
- Sell notes and settlement statements for shares sold (and original contract notes if possible)
- Confirmation for units purchased in managed funds
- Sell notes for units in managed funds sold (and original purchase notes if possible)
- Managed funds distribution statements, annual tax statements and capital gains statements
- Income received through trusts other than managed investment funds
- Off-market transfer forms for any in-specie contributions
- Details of any investments acquired from members or their associates during the income year
- Details of any investments in related parties, including any outstanding distributions to be received
- Details of artwork, collectables and personal use assets (storage, insurance, valuations)
- Details of any other investment assets purchased and sold
- Records of cryptocurrency wallet transactions (eg Bitcoin)
Contributions Received
- Records of all employer contributions (including salary-sacrifice contributions)
- Records of any after-tax contributions (eg personal contributions)
- Records of any contributions where no TFN was quoted
- Records of any contributions on behalf of spouse
- Records of any spouse contribution splits
- Details of any unused cap amount for concessional contributions available to carry forward (total superannuation balance must be less than $500,000 on 30 June)
- Records of any downsizer contributions (up to $300,000 per person aged 55 or over)
- Records of any withdrawals of first home super saver (FHSS) scheme contributions (and associated earnings)
- Records of any contributions from disposal of small business assets under capital gains tax small business 15-year exemption or retirement exemption
- Details of deductions for personal contributions
- Written notices from members stating intention to claim deductions for their personal contributions
- Acknowledgement notices by trustee to members confirming receipt of notices for personal contributions
Rollovers
- Details of inward rollovers
- Details of outward rollovers
- Details of family law superannuation splitting payments and court orders
Insurance Policies
- Copies of annual life insurance policy provided for members
- Copies of death or disability policy provided for members
Benefits Paid
- Details of any lump sum benefits paid to members
- Details of any pensions paid to members, including copies of income statements/PAYG summaries if applicable
- Details of any early release of benefits
Benefits Paid
- Details of any lump sum benefits paid to members
- Details of any pensions paid to members, including copies of income statements/PAYG summaries if applicable
- Details of any early release of benefits
Common Deductions
- Death or disability premiums
- Actuarial costs, accountancy fees and audit fees
- Investment expenses, including nature of the expenses
- Management and administrative expenses, including nature of the expenses
Other Information
- Details of any derivatives and investment warrants entered into
- Details of limited resource borrowing arrangements (LRBAs)
- Auditor’s report for the previous financial year
- Copies of Business Activity Statements and/or Instalment Activity Statements lodged for the income year
- Copies of minutes of meetings
- Copies of trustee declarations for any new trustees, or directors of corporate trustees
- Copy of investment strategy
- Record of all members as at 30 June 2025
- Has trustee/director become a disqualified person due to bankruptcy or conviction for dishonest conduct?
- Details of any schemes involving non-arm’s length income (NALE)
- Details of any schemes involving non-arm’s length expenditure (NALE)
- Other receipts or outgoings received or incurred, including where uncertain if assessable/deductible
Careers Information
Careers at Eager and Partners
Our people are the key to our success.
Our loyal and dedicated team works hard to help meet our clients’ needs, and they are also active members of the East Gippsland community.
East Gippsland is a growing region that is home to more than 46,000 people. It is a naturally beautiful area and offers fantastic work–life balance. To learn more about this area, including Bairnsdale and Lakes Entrance, visit www.visiteastgippsland.com.au.
The firm has a successful cadetship model, with students at a tertiary level combining work and study in accounting, tax and business services. We are focused on providing opportunities for continued hands-on practical experience in all aspects of public accounting for the next generation of accounting professionals as they enjoy effective work–life balance.
If you have great communication skills, a high work ethic, and you value career development, continuing professional training, recognition, financial incentives, modern technology and a great team-based work environment, please contact us at recruit@eager.com.au for possible opportunities with our firm.
