The youngest lives at home while the eldest lives in a property Amy and her husband purchased with an interest-only mortgage. They have three children aged 16, 20 and 24. Amy has recently purchased a boat and is concerned about being selected for audit as a result of our data-matching program.Īmy's tax agent advises that her reported income is low compared to similar painting businesses and suggests she complete a comprehensive worksheet about her family, their income, assets and expenses.Īmy lives with her husband, who doesn't work, in a home they paid off 10 years ago. (Total annual household funds available - total significant annual household outgoings) = differenceĮxample 2: Comprehensive personal living expensesĪmy, who owns a small painting business, visits her tax agent to discuss her annual tax returns. Total significant annual household outgoings The figures below have not already been accounted for in the tax returns.įuel, registration, insurance and maintenance End of example Sample worksheet 1: Personal living expenses concise worksheetĪnnual household incoming funds from all sources He also offers Jack help with record-keeping for his business. The family's outgoings are $65,900, which exceeds their reported income by $15,071, without taking into account basic household expenses such as food, clothing and entertainment.Īs Jack's household outgoings significantly exceed his incoming funds, he must be prepared to explain the difference.Īfter explaining the effect of non-cash items in his tax return such as depreciation, his tax agent recommends Jack review his invoices and business expenses to ensure nothing has been missed. The analysis shows a reported annual household income of $50,829 for both Jack and his wife. Using both business and personal records Jack completes the concise personal living expenses worksheet with the help of his tax agent (as shown in sample worksheet 1). He also provides assistance to his brother who lives overseas. He recently obtained a mortgage to purchase a second home where his parents, who are pensioners, live rent-free. He lives with his family in a home they are paying off. Jack is married and has two school-aged children. Because Jack's business records are not complete his tax agent suggests they look at his personal living expenses using the concise worksheet. He meets with his tax agent to discuss his annual tax returns. Jack is a concreter who runs his own business. You can download a printable version of the Personal living expenses comprehensive worksheet (NAT 72959, 132KB) in Portable Document Format (PDF) This link will download a file.Įxample 1: Concise personal living expenses analysis Personal living expenses comprehensive worksheet provides us with an in-depth analysis of all annual household incomings and outgoings. Comprehensive personal living expenses worksheetĬomparing household annual income and expenditure You can download a printable version of the Personal living expenses concise worksheet (NAT 72960, 124KB) in Portable Document Format (PDF) This link will download a file. Personal living expenses concise worksheet (NAT 72960) shows us an overview of living expenses. Concise personal living expenses worksheetĬan you afford to support your household? Registered agents may find the worksheets useful in helping clients review the accuracy and completeness of their record keeping.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |