If you're a Next 5,000 privately owned or wealthy group lodging a company income tax return in early 2025, our Next 5,000 Findings Report, provides important recommendations.
For example, including a lodgment calendar as part of your income tax return procedures. A lodgment calendar is a great way to ensure that the lodgment of all of your related entities is mapped out for the year and not forgotten.
We also recommend having a robust review process of the draft return to ensure that any errors are identified. To do this consider separation of duty between the preparer and the reviewer.
For taxpayers who prepare their return with a tax agent, we recommend:
- Having an annual engagement letter or scope of work document. Any out-of-scope items that are relevant to the lodgment of the income tax return should be included in your procedures. Our reviews have found that some Next 5,000 groups who don’t have this often miss material items being reported.
- Implementing or reviewing your documented processes and procedures – such as a checklist – to ensure complete and accurate documentation, information and data that is provided to tax agents. This allows them to prepare your income tax return and accompanying schedules.
These are just a few suggestions. For more, read the findings report. It's an essential resource for Next 5,000 privately owned and wealthy groups and their advisers.
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