Tax Preparation Checklist for Retail & E-commerce

# Tax Preparation Checklist - Retail & E-commerce

## Purpose
Use in the lead-up to quarterly BAS lodgement or annual tax return preparation to ensure all records are complete and accurate.

## When to Use
A checklist for preparing business tax returns covering BAS reconciliation, deductions, depreciation schedules, and documentation requirements.

## Instructions
1. Review the template below and familiarise yourself with the structure
2. Replace all [bracketed placeholders] with your retail & e-commerce business details
3. Customise the tone and formatting to match your brand
4. Save in your preferred tool (Xero or MYOB)

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## Tax Preparation Checklist

### Income Records (Owner: Finance Manager / Bookkeeper)
- [ ] All sales invoices for the period issued and recorded in accounting system
- [ ] Bank deposits reconciled against recorded income
- [ ] Cash sales recorded accurately with supporting documentation
- [ ] Interest income, rental income, and other non-trading income captured
- [ ] Government grants or subsidies received are recorded and classified correctly
- [ ] Foreign income converted at appropriate exchange rates (if applicable)

### Expense Records (Owner: Finance Manager / Bookkeeper)
- [ ] All supplier invoices received and entered into accounting system
- [ ] Receipts filed for all expenses (digital copies acceptable)
- [ ] Business credit card transactions reconciled and categorised
- [ ] Petty cash transactions recorded with supporting receipts
- [ ] Motor vehicle expenses documented (logbook or cents-per-km method)
- [ ] Home office expenses calculated (if applicable, using fixed rate or actual cost method)
- [ ] Travel expenses supported by receipts, itineraries, and business purpose notes

### GST Reconciliation (Owner: Bookkeeper)
- [ ] GST collected on sales reconciled with BAS reporting
- [ ] GST paid on purchases reconciled and input tax credits claimed correctly
- [ ] GST-free and input-taxed supplies identified and excluded from GST calculations
- [ ] Adjustments for private use of business assets calculated
- [ ] Capital acquisitions reported correctly on BAS
- [ ] GST reconciliation report generated and reviewed for discrepancies

### Payroll & Superannuation (Owner: Payroll Officer)
- [ ] All wages and salaries reported via Single Touch Payroll (STP)
- [ ] PAYG withholding reconciled with amounts reported on BAS
- [ ] Superannuation guarantee contributions paid on time and at the correct rate
- [ ] Contractor payments reviewed: are they genuinely contractors or employees?
- [ ] Taxable allowances and fringe benefits identified and reported
- [ ] Payroll tax obligations met (state-based threshold check)

### Deductions & Assets (Owner: Finance Manager)
- [ ] Depreciation schedule updated with all asset additions and disposals for the period
- [ ] Instant asset write-off eligibility assessed for purchases under the threshold
- [ ] Prepaid expenses identified and apportioned correctly across periods
- [ ] Bad debts reviewed and written off where appropriate
- [ ] Donations to deductible gift recipients documented with receipts
- [ ] Professional development and training expenses documented

### Final Preparation (Owner: Finance Manager)
- [ ] Trial balance reviewed for any unusual or unreconciled balances
- [ ] Prior year adjustments processed as advised by accountant
- [ ] All bank accounts reconciled to the end of the reporting period
- [ ] Loan statements obtained showing balances and interest paid
- [ ] Supporting schedules prepared (debtors, creditors, fixed assets)
- [ ] Complete records shared with accountant or tax agent securely

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**Complexity:** intermediate | **Setup time:** 20 minutes | **Tools:** Xero, MYOB, QuickBooks

Note: This template has been tailored for retail & e-commerce businesses in Australia. Adjust terminology and compliance references to match your specific context.