AUSTRALIAN CONTAMINATED LAND …aclca.org.au/vic-docs/aclca-accounts-2015-16-scott...Business...

Ref: MDS/DL

6 October 2016

Australian Contaminated Land Consultants

Association Vic Inc (ACLCA)

PO Box 362

Malvern Vic 3144 via DocuSign: [email protected]

Dear Louisa

RE: AUSTRALIAN CONTAMINATED LAND CONSULTANTS ASSOCIATIONS VIC INC (ACLCA)

FINANCIAL STATEMENTS AND TAX RETURN – 30 JUNE 2016

BUSINESS ACTIVITY STATEMENT – 30 JUNE 2016

Please find enclosed the financial statements and income tax return for Australian Contaminated

Land Consultants Associations Vic Inc (ACLCA) for the year ended 30 June 2016 which we have

prepared from the information provided by you.

Please review the documents and if correct, arrange for them to be signed where indicated and

return the signed documents to our office for lodgement with the Australian Taxation Office. The

bound set of documents is for your records.

We estimate that your income tax refund/liability is $Nil.

We also enclose the BAS for June 2016 period which has resulted in the amount refundable of

$247.

We draw your attention to the attached “Notes for Persons Signing Income Tax Returns” and

suggest you give careful consideration to the matters referred to in the notes before signing the

above return.

Please note that substantial penalties can be imposed under the Income Tax Assessment Act if your

tax return is found to be incorrect or the required information to support your claims is not

available. If, in the future, a Tax Office audit finds a return to be incorrect and imposes penalties,

the penalties will accrue from the date of lodgment of the tax return.

It is vital that you retain all documentation supporting claims in your tax return. You must keep

these documents for a period of 5 years.

If you have any other queries, please contact your Client Services Manager, Mr Michael Di Stasi of

our office.

Yours faithfully

SCOTT PARTNERS

SCOTT TREVETHAN

Managing Director

Enclosed: Financial Statements & Income Tax Return 2016

Associated documents listed above

DocuSign Envelope ID: 1195DC8A-C02E-4B34-B6F3-DA5225E97E34

mailto:[email protected]

mailto:[email protected]

2016Business Activity Statement1 Jul 2015—30 Jun 2016

Summary

DeclarationI authorise Scott Partners Pty Ltd to give this activity statement to the Commissioner of Taxation for Australian ContaminatedLand Consultants Association Vic Inc ACLCA. I declare that I am authorised to make this declaration, and the informationprovided for the preparation of this activity statement is true and correct.

Client name Australian Contaminated LandConsultants Association Vic Inc ACLCA

Form type BAS-P

Document ID 35636912695

TFN 780 657 757

ABN 32 603 120 925

GST accounting method Cash Basis

AMOUNTS YOU OWE THE TAX OFFICE AMOUNTS THE TAX OFFICE OWES YOU

GST on sales or GST inst $11,152.001A GST on purchases $11,399.001B

Amount you owe the ATO $11,152.002A Amount the ATO owes you $11,399.002B

PAYG tax withheld $0.004

Your refund amount $247.009

Signature Date

{{_es_:signer1:signature}} {{XXX_es_:signer1:date}}

ACTIVITY STATEMENT (DRAFT) Australian Contaminated Land Consultants Association Vic Inc ACLCA

Activity statement 2016 THIS FORM CANNOT BE LODGED AS A PAPER REPRESENTATION OF THE FORM Page 1 of 2


07 October 2016 | 10:26 AEDT

2016Business Activity Statement1 Jul 2015—30 Jun 2016

Goods and services tax (GST)for the period from 01 Jul 2015 to 30 Jun 2016

OPTION 1: CALCULATE GST AND REPORT QUARTERLY

Total sales $131,616.00G1

Does the amount shown at G1 include GST? Yes

Other GST-free sales $8,938.00G3

Non-capital purchases $143,054.00G11

ACTIVITY STATEMENT (DRAFT) Australian Contaminated Land Consultants Association Vic Inc ACLCA

Activity statement 2016 THIS FORM CANNOT BE LODGED AS A PAPER REPRESENTATION OF THE FORM Page 2 of 2


Annual ReportACLCA (Victoria)30 June 2016Prepared by Scott Partners Pty Ltd


Contents

Annual Report | ACLCA (Victoria) | 30 June 2016 Page 2 of 10

Compilation Report 3

Directors Declaration 4

Income Statement 5

Balance Sheet 7

Depreciation Schedule 8

Notes to the Financial Statements 9


Compilation Report


ACLCA (Victoria) For the year ended 30 June 2016

Compilation report to ACLCA (Victoria).

We have compiled the accompanying special purpose financial statements of ACLCA (Victoria), which comprise the income statement,balance sheet and statement of cash flows for the period ended 30 June 2016, a summary of significant accounting policies and otherexplanatory notes. The specific purpose for which the special purpose financial statements have been prepared is to provide informationrelating to the performance and financial position of the company that satisfies the needs of the members.

The Responsibility of the Directors

You are solely responsible for the information contained in the special purpose financial statements and have determined that thesignificant accounting policies adopted as set out in Note 1 to the financial statements are appropriate to meet your needs and for thepurpose that the financial statements were prepared.

Our Responsibility

On the basis of information provided by you, we have compiled the accompanying special purpose financial statements in accordance withthe significant accounting policies adopted as set out in Note 1 to the financial statements and APES 315: Compilation of FinancialInformation.

Our procedures use accounting expertise to collect, classify and summarise the financial information, which the directors of the trusteecompany provided, in compiling the financial statements. Our procedures do not include verification or validation procedures. No audit orreview has been performed and accordingly no assurance is expressed.

The special purpose financial statements were compiled exclusively for the benefit of the members of ACLCA (Victoria). We do not acceptresponsibility to any other person for the contents of the special purpose financial statements.

______________________Scott Trevethan

Scott Partners Pty Ltd

Suite 6, 1949 Malvern Rd

Malvern East Vic 3145

Dated this .................day of ................201...


06 October 2016 | 15:50 PDT

Directors Declaration



The directors have determined that the company is not a reporting entity and that this special purpose financial report should be preparedin accordance with the accounting policies outlined in Note 1 to the financial statements.

The directors of the company declare that:1. the financial statements and notes present fairly the company's financial position as at 30 June 2016 and its performance for the year

ended on that date in accordance with the accounting policies described in Note 1 to the financial statements; and2. in the directors' opinion there are reasonable grounds to believe that the company will be able to pay its debts as and when they

become due and payable.

This declaration is made in accordance with a resolution of the director.

Director: _________________________________________________________ Glen Thiele

Dated this ....................... day of ....................... 201...


07 October 2016 | 10:26 AEDT

Income Statement


ACLCA (Victoria) For the 12 months ended 30 June 2016

Jun-16 Jun-15

Income

Income 48,174 43,522

Interest Income 8,939 8,361

Membership Income 63,351 61,494

Total Income 120,464 113,377

Gross Profit 120,464 113,377

Plus Other Income

Other Revenue - 743

Total Other Income - 743

Less Operating Expenses

AC FA - Analytical Chemistry 246 240

Accountancy 5,530 4,546

ACLCA National Expense 5,518 3,135

Advertising & Promotion - 60

Association Expense 49 -

Bank Fees 1,350 1,480

Committee Expense 1,494 1,656

Communication Expense (Email campaign) 3,244 3,128

Computer Expenses - 272

Consulting Fees 127 -

CPD FA - Continuing Professional Development 181 598

CPD FA Expense - 104

CR FA - Collatorative Research 675 635

CRFA RMIT Project Funding - 32,538

Depreciation - Computer Items 732 1,542

Depreciation - Furniture and Fittings 21 26

Executive Officer 15,693 21,733

Freight & Courier 116 134

Function Expenses 67,887 42,976

Funds intended for ACLCA NSW (1,604) -

General Expenses - 743

Insurance 3,821 2,758

Internet 731 1,699

Membership Expenses 4,279 6,674

Miscellaneous Fees 27 -

Office Supplies 841 95

OHS FA - Occupational Health & Safety 84 353

Postage 135 266

Printing & Stationery - 544

RA FA - Risk Assessment 624 374

RAA FA - Regulatory Affairs & Audit - 226

Research Funding 18,500 7,100


Income Statement


Jun-16 Jun-15

Software Subscription 346 244

Sponsorships 1,345 1,500

Subscription Expense - 137

Travel - National - 24

Workcover - 212

YP FA - Young Professionals 418 1,217

Total Operating Expenses 132,409 138,971

Net Profit (11,945) (24,851)


Balance Sheet


ACLCA (Victoria) As at 30 June 2016

30 Jun 2016 30 Jun 2015

Assets

Current Assets

NAB Term Deposit 73-338-8823 65,653 63,617

NAB Term Deposit 94-154-0842 109,785 107,163

NAB Term Deposit 94-154-2426 104,863 101,170

Cash and Cash Equivalents

NAB Business Cash Maximiser 30,113 44,525

NAB Business Cheque Account 14,096 18,711

Total Cash and Cash Equivalents 44,208 63,236

Total Current Assets 324,509 335,186

Non-Current Assets

Property, plant and equipment

Computer Expenses (710) 6,813 6,813

Less Accumulated Depreciation on Computer Expenses (6,655) (5,922)

Furniture & Fittings 1,838 1,838

Less Accumulated Depreciation on Furniture & Fittings (1,754) (1,732)

Total Property, plant and equipment 243 997

Total Non-Current Assets 243 997

Total Assets 324,752 336,183

Liabilities

Current Liabilities

GST (247) (762)

Total Current Liabilities (247) (762)

Total Liabilities (247) (762)

Net Assets 324,999 336,944

Equity Retained Earnings 324,999 336,944

Total Equity 324,999 336,944


Depreciation Schedule


ACLCA (Victoria) 1 July 2015 to 30 June 2016

Name Number Type Cost Rate Purchased Disposed 1-Jul-15 Purchases Depreciation Disposals Accum Dep 30-Jun-16

Computer Expenses (710)

Asus 15"Ultrabook

FA-0002 ComputerItems

2,086 66.7%DV 13 Nov 2013 403 - 269 - 1,952 134

Hard Drive COM10 ComputerItems

172 37.5%DV 23 Jun 2008 6 - 2 - 168 4

HP ColourLaserjetPrinter

COM12 ComputerItems

744 40.0%DV 16 Jun 2009 34 - 14 - 723 21

Leptop COM15 ComputerItems

919 100.0%DV 15 Sep 2011 - - - - 919 -

Memory StickCOM08 ComputerItems

57 100.0%DV 22 Nov 2005 - - - - 57 -

Websitedevelopment

COM16 ComputerItems

2,835 25.0%SL 17 Feb 2012 448 - 448 - 2,835 -

Total Computer Expenses (710) 6,813 891 - 732 - 6,655 159

Furniture & Fittings

Two DisplayBanners

FF01 Furniture &Fittings

1,838 20.0%DV 2 Sep 2002 106 - 21 - 1,754 84

Total Furniture & Fittings 1,838 106 - 21 - 1,754 84

Total 8,651 997 - 753 - 8,408 243


Notes to the FinancialStatements



1. Statement of Significant Accounting Policies

The directors have determined that the company is not a reporting entity and accordingly, this financial report is a special purpose reportprepared for the sole purpose of distributing a financial report to members and must not be used for any other purpose. The directors havedetermined that the accounting policies adopted are appropriate to meet the needs of the members. The financial report has been prepared on an accrual basis and under the historical cost convention, except for certain assets, which, asnoted, have been written down to fair value as a result of impairment. Unless otherwise stated, the accounting policies adopted areconsistent with those of the prior year.

The accounting policies that have been adopted in the preparation of the statements are as follows:

Income Tax

The income tax expense for the year comprises current income tax expense. The company does not apply deferred tax. Current income taxexpense charged to the profit or loss is the tax payable on taxable income calculated using applicable income tax rates enacted, orsubstantially enacted, as at 30 June 2016. Current tax liabilities are therefore measured at the amounts expected to be paid to the relevanttaxation authority.

Property, Plant and Equipment

Property, plant and equipment is initially recorded at the cost of acquisition or fair value less, if applicable, any accumulated depreciationand impairment losses. Plant and equipment that has been contributed at no cost, or for nominal cost, is valued and recognised at the fairvalue of the asset at the date it is acquired. The plant and equipment is reviewed annually by directors to ensure that the carrying amount isnot in excess of the recoverable amount from these assets. The recoverable amount is assessed on the basis of the expected net cash flowsthat will be received from the utilisation of the assets and the subsequent disposal. The expected net cash flows have been discounted totheir present values in estimating recoverable amounts. Freehold land and buildings are measured at their fair value, based on periodic, but at least triennial, valuations by independent externalvaluers, less subsequent depreciation for buildings. Increases in the carrying amount of land and buildings arising on revaluation are credited in equity to a revaluation surplus. Decreasesagainst previous increases of the same asset are charged against fair value reserves in equity. All other decreases are charged to profit orloss. Any accumulated depreciation at the date of revaluation is offset against the gross carrying amount of the asset and the net amount isrestated to the revalued amount of the asset.

Cash and Cash Equivalents

Cash and cash equivalents include cash on hand, deposits held on call with banks, other short-term highly liquid investments with originalmaturities of three months or less, and bank overdrafts.

Revenue Recognition

Revenue from the sale of goods is recognised upon the delivery of goods to customers.Revenue from the rendering of services is recognised upon the delivery of the services to customers.Revenue from commissions is recognised upon delivery of services to customers.Revenue from interest is recognised using the effective interest rate method.Revenue from dividends is recognised when the entity has a right to receive the dividend. All revenue is stated net of the amount of goods and services tax (GST).

Goods and Services Tax

Transactions are recognised net of GST, except where the amount of GST incurred is not recoverable from the Australian Taxation Office(ATO).


Notes to the FinancialStatements


Receivables and payables are stated inclusive of the amount of GST receivable or payable. The net amount of GST recoverable from, orpayable to, the ATO is included with other receivables or payables in the balance sheet.


2016TFN 780 657 757

2016

Company Tax Return1 Jul 2015—30 Jun 2016

PART A ELECTRONIC LODGMENT DECLARATION (FORM C)

This declaration is to be completed where the tax return is to be lodged to the ATO electronically. It is the responsibility of thetaxpayer to retain this declaration for a period of five years after the declaration is made, penalties may apply for failure to doso.

PrivacyTaxation law authorises the ATO to collect information including personal information about the person authorised to sign thedeclaration. For information about your privacy go to ato.gov.au/privacy.

Electronic Funds Transfer – Direct DebitWhere you have requested an EFT direct debit some of your details will be provided to your financial institution and the TaxOffice's sponsor bank to facilitate the payment of your taxation liability from your nominated account.

Tax File Number

780 657 757

Name of Company

Australian Contaminated Land Consultants Association Vic Inc ACLCA

Year

2016

ImportantBefore making this declaration please check to ensure that all income has been disclosed and the tax return is true and correctin every detail. If you are in doubt about any aspect of the tax return, place all the facts before the Tax Office. The tax lawprovides heavy penalties for false or misleading statements on tax returns.

AuthorisationBy signing this document, I authorise my tax agent to electronically transmit this tax return.

Declaration - I declare that:the information provided to my registered tax agent for the preparation of this tax return, including any applicableschedules is true and correct, andthe agent is authorised to lodge this tax return.

PART D TAX AGENTS CERTIFICATE (SHARED FACILITIES USERS ONLY)

Client Ref Agent Ref No.

80789000

Contact Name


Contact No.

03 86869000

Declaration - I declare that:I have prepared this tax return in accordance with the information supplied by the public officer.I have received a declaration made by the entity that the information provided to me for the preparation of this tax returnis true and correct.I am authorised by the public officer to lodge this tax return, including any applicable schedules.

Company Tax Return

Signature of public officer Date

{{_es_:signer1:signature}} {{XXX_es_:signer1:date}}

Agent's Signature Date

COMPANY TAX RETURN Australian Contaminated Land Consultants Association Vic Inc ACLCA

Company Tax Return 2016 THIS FORM CANNOT BE LODGED AS A PAPER REPRESENTATION OF THE FORM Page 1 of 13


06 October 2016 | 15:50 PDT

07 October 2016 | 10:26 AEDT

2016TFN 780 657 757

Company Tax Return1 Jul 2015—30 Jun 2016

COMPANY DETAILS

Tax File Number

780 657 757

Australian Business Number

32 603 120 925

Final tax return

No

Company name

Australian Contaminated Land ConsultantsAssociation Vic Inc ACLCA

Previous company name In liquidation

No

Australian Company Number Australian Registered Business Number (ARBN)

CURRENT POSTAL ADDRESS

PO Box 1415

Darling

PREVIOUS POSTAL ADDRESS BUSINESS ADDRESS

25 McKinley Avenue

MALVERN

State

VIC

Postcode

3145

Country - if not Australia

State Postcode


State

VIC

Postcode

3144


YOUR BANKING INFORMATION (EFT DETAILS)

BSB Number Account Number Account Name

TAX AGENT CONTACT DETAILS

Agent Name


Agent Ref Number

80789000

Contact Number

03 86869000

PUBLIC OFFICER CONTACT DETAILS

Title

Mr

Given name

Glenn

Other given names Family name

Thiele

Suffix Phone area code

03

Phone number

86869000

Contact name

Scott Trevethan




Company information

Information statement

1 ULTIMATE HOLDING COMPANY NAME AND ABN OR COUNTRY CODE

Australian Business Number (ABN)

Country code

Immediate holding company name

Australian Business Number (ABN)

2 DESCRIPTION OF MAIN BUSINESS ACTIVITY Professional associations

Industry code 95510B

Percentage of foreign shareholding A

3 STATUS OF COMPANY

Residency C1 - Resident

Type of company D3 - Non-Profit

Status of business

Small business entity

Consolidated group status

4 INTERPOSED ENTITY ELECTION STATUS

Year of the earliest election L

6 CALCULATION OF TOTAL PROFIT OR LOSS

Income

Gross payments subject to foreign resident withholding B

Gross payments where ABN not quoted A

Other sales of goods and services $111,525.00C

Gross distribution from partnerships D

Gross distribution from trusts E

Forestry managed investment scheme income X

Gross interest $8,939.00F

Gross rent and other leasing and hiring income G

Total dividends H

Fringe benefit employee contributions I

Assessable government industry payments Q

Unrealised gains on revaluation of assets to fair value J

Other gross income R

Total Income $120,464.00S

Expenses

Foreign resident withholding expenses B

Cost of sales $0.00A




Reconciliation

Contractor, sub-contractor and commission expenses C

Superannuation expenses D

Bad debts E

Lease expenses within Australia F

Lease expenses overseas I

Rent expenses H

Interest expenses within Australia V

Interest expenses overseas J

Royalty expenses within Australia W

Royalty expenses overseas U

Depreciation expenses $753.00X

Capital allowance assets

Low value pool assets

Other depreciation

SBE Immediate write-off

SBE General pool deductions

Motor vehicle expenses Y

Repairs and maintenance Z

Unrealised losses on revaluation of assets to fair value G

All other expenses $131,656.00S

Total expenses $132,409.00Q

(S minus Q)Total Loss $11,945.00T

7 RECONCILIATION TO TAXABLE INCOME OR LOSS

Total profit or loss amount shown at T item 6 $11,945.00T

Did you have a CGT event during the year? NoG

Have you applied an exemption or rollover? M

Prior year losses brought forward

Net Capital Losses from Collectables

Other Net Capital Losses

Net capital gain A




Losses carried forward

Net Capital Losses from Collectables $0.00

Other Net Capital Losses $0.00

Non-deductible exempt income expenditure U

Franking credits J

Australian franking credits from a New Zealand company C

TOFA income from financial arrangements not included in item 6 E

Other assessable income B

Non-deductible expenses $77,033.00W

Accounting expenditure in item 6 subject to R&D tax incentive D

Subtotal $77,033.00

Less

Section 46FA deduction for flow-on dividends C

Deduction for decline in value of depreciating assets $753.00F

Forestry managed investment scheme deduction U

Immediate deduction for capital expenditure E

Deduction for project pool H

Capital works deductions I

Section 40-880 deduction Z

Landcare operations and deduction for decline in value of water facility, fencing asset and fodderstorage asset

N

Deduction for environmental protection expenses O

Offshore banking unit adjustment P

Exempt income $93,218.00V

Other income not included in assessable income Q

TOFA deductions from financial arrangements not included in Item 6 W

Other deductible expenses X

Tax losses deducted R

Tax losses transferred in (from or to: a foreign bank branch or a PE of a foreign financial entity) S

Subtraction items subtotal $93,971.00

Taxable/net loss $28,883.00T




Financial Information8 FINANCIAL AND OTHER INFORMATION

Functional currency translation rate N

Functional currency chosen O

Opening stock A

Purchases and other costs S

Closing stock B

Trading stock election

Trade debtors C

All current assets $324,756.00D

Total assets $324,999.00E

Trade creditors F

All current liabilities G

Total liabilities H

Total debt J

Commercial debt forgiveness K

Franked dividends paid J

Unfranked dividends paid K

Franking account balance $24,537.00M

Excess franking offsets H

Loans to shareholders and their associates N

Total salary and wage expenses D

Payments to associated persons Q

Gross foreign income G

Net foreign income R

Attributed foreign income

Listed country B

Unlisted country U

Transferor trust V

Total TOFA gains T

Total TOFA losses U

TOFA gains from unrealised movements in the value of financial arrangements S




Other Information9 CAPITAL ALLOWANCES

Depreciating assets first deducted in this income year

Intangible depreciating assets first deducted A

Other depreciating assets first deducted B

Have you self-assessed the effective life of any of these assets? C

For all depreciating assets:

Did you recalculate the effective life for any of your assets this income year? D

Total adjustable values at end of income year E

Assessable balancing adjustments on the disposal of intangible depreciating assets F

Deductible balancing adjustments on the disposal of intangible depreciating assets G

Termination value of intangible depreciating assets H

Termination value of other depreciating assets I

For entities connected with mining operations, exploration or prospecting:

Total mining capital expenditure and/or transport capital that you allocated to a project pool andfor which you can claim a deduction this income year

J

Total deduction for decline in value of intangible depreciating assets used in exploration orprospecting

K

Total deduction for decline in value of other depreciating assets used in exploration or prospecting L

10 SMALL BUSINESS ENTITY SIMPLIFIED DEPRECIATION

Deduction for certain assets A

Deduction for general small business pool B

11 CONSOLIDATION DEDUCTIONS RELATING TO RIGHTS TO FUTURE INCOME, CONSUMABLE STORES AND WORK INPROGRESS

Pre rules deductions D

Interim rules deductions E

Prospective rules deductions F

12 NATIONAL RENTAL AFFORDABILITY SCHEME

National rental affordability scheme tax offset entitlement J

13 LOSSES INFORMATION

Tax losses carried forward to later income years $104,536.00U

Net capital losses carried forward to later income years V




14 PERSONAL SERVICES INCOME

Does your income include an individual’s personal services income? NoN

Total amount of PSI included at item 6 income labels A

Total amount of deductions against PSI included at item 6 expense labels B

Did you satisfy the results test in respect of any individual? C

Do you hold a personal services business (PSB) determination in respect of any individual? D

Unrelated clients test E1

Employment test E2

Business premises test E3

15 LICENCED CLUBS ONLY

Percentage of non-member income A

16 LIFE INSURANCE COMPANIES AND FRIENDLY SOCIETIES ONLY

Complying superannuation class B

Net capital gain – complying superannuation class C

Net capital gain – ordinary class D

Assessable contributions E

Fees and charges F

18 POOLED DEVELOPMENT FUNDS

Small and medium enterprises income G

Unregulated investment income H

19 RETIREMENT SAVINGS ACCOUNTS (RSAS) PROVIDERS ONLY

No-TFN contributions income U

Income tax payable on no-TFN contributions income X

Net taxable income from RSAs V

20 FOREIGN INCOME TAX OFFSET

Foreign income tax offset J

21 RESEARCH AND DEVELOPMENT TAX INCENTIVE

Non‑refundable R&D tax offset A

Non‑refundable R&D tax offset carried forward from previous year B

Non‑refundable R&D tax offset to be utilised in current year C

Non‑refundable R&D tax offset carried forward to next year D

Refundable R&D tax offset U

Feedstock adjustment – additional assessable income W

22 INTERNET TRADING

Did you sell any goods or services using the internet? Q

23 REPORTABLE TAX POSITION

Are you required to lodge a reportable tax position schedule? NoB




24 DID YOU HAVE ANY TRANSACTIONS OR DEALINGS WITH INTERNATIONAL RELATED PARTIES?

Such transactions or dealings include the transfer of tangible or intangible property and any new orexisting financial arrangements

NoX

25 WAS THE AGGREGATE AMOUNT OF THE TRANSACTIONS OR DEALINGS WITH INTERNATIONAL RELATED PARTIES

Including the value of property transferred or the balance outstanding on any loans greater than $2million?

NoY

26 OVERSEAS INTERESTS

Did you have overseas branch operations or a direct or indirect interest in a foreign trust, foreigncompany, controlled foreign entity or transferor trust?

NoZ

27 THIN CAPITALISATION

Did the thin capitalisation provisions apply? NoO

28 TRANSACTIONS WITH SPECIFIED COUNTRIES

Did you directly or indirectly send to, or receive from, one of the countries specified in theinstructions, any funds or property OR Do you have the ability or expectation to control, whetherdirectly or indirectly, the disposition of any funds, property, assets or investments located in, orlocated elsewhere but controlled or managed from one of those countries?

NoI




Calculation statement

Losses schedule

Taxable or net income A

Tax on taxable or net income $0.00T1

R&D recoupment tax M

(T1 plus M)Gross tax $0.00B

Non‑‑refundable non‑‑carry forward tax offsets C

(B less C - cannot be less than zero)Subtotal 1 $0.00T2

Non‑‑refundable carry forward tax offsets D

(T2 less D - cannot be less than zero)Subtotal 2 $0.00T3

Refundable tax offsets E

(T3 less E - cannot be less than zero)Subtotal 3 $0.00T4

Franking deficit tax offset F

(T4 less F - cannot be less than zero)Tax Payable $0.00T5

Section 102AAM interest charge G

Eligible credits H

Credit for interest on early payments – amount of interest H1

Credit for tax withheld – foreign resident withholding H2

Credit for tax withheld where ABN is not quoted H3

Tax withheld from interest or investments H4

Credit for TFN amounts withheld from payments from closely held trusts H5

Other credits H7

Tax offset refunds (Remainder of refundable tax offsets) $0.00I

PAYG instalments raised K

Amount payable/refundable S

Hours taken to prepare and complete this return




Losses schedulePart A Losses carried forward to the 2016–17 income year

1 TAX LOSSES CARRIED FORWARD TO LATER INCOME YEARS

2015–2016 $28,883.00B

2014–2015 $33,434.00C

2013–2014 $42,219.00D

2012–2013 E

2011–2012 F

2010–2011 and earlier years G

Total $104,536.00U

2 NET CAPITAL LOSSES CARRIED FORWARD TO LATER INCOME YEARS

2015–2016 H

2014–2015 I

2013–2014 J

2012–2013 K

2011–2012 L

2010–2011 and earlier years M

Total V

Part B Ownership and same business test

1 WHETHER CONTINUITY OF MAJORITY OWNERSHIP TEST PASSED

2015–2016 A

2014–2015 B

2013–2014 C

2012–2013 D

2011–2012 E

2010–2011 and earlier years F

2 AMOUNT OF LOSSES DEDUCTED FOR WHICH THE CONTINUITY OF MAJORITY OWNERSHIP TEST IS NOT PASSED BUT THE SAME BUSINESS TEST IS SATISFIED – EXCLUDES FILM LOSSES

Tax losses G

Net capital losses H

3 LOSSES CARRIED FORWARD FOR WHICH THE SAME BUSINESS TEST MUST BE SATISFIED BEFORE THEY CAN BE DEDUCTED IN LATER YEARS – EXCLUDES FILM LOSSES

Tax losses I

Net capital losses J

4 DO CURRENT YEAR LOSS PROVISIONS APPLY?

Is the company required to calculate its taxable income or tax loss for the year under Subdivision 165-B or its net capital gain or net capital loss for the year under Subdivision 165-CB of the Income Tax Assessment Act 1997 (ITAA 1997)?

K




6S

WorksheetsALL OTHER EXPENSES

Part C Unrealised losses

Has a changeover time occurred in relation to the company after 1.00pm by legal time in the Australian Capital Territory on 11 November 1999?

NoL

At the changeover time did the company satisfy the maximum net asset value test under section 152-15 of ITAA 1997?

M

If you selected No at M, has the company determined it had an unrealised net loss at the changeover time?

N

If you selected Yes at N, what was the amount of unrealised net loss calculated under section 165-115E of ITAA 1997?

O

Part D Life insurance companies

Complying superannuation class tax losses carried forward to later income years

P

Complying superannuation net capital losses carried forward to later income years

Q

Part E Controlled foreign company losses

Current year CFC losses M

CFC losses deducted N

CFC losses carried forward O

Part F Tax losses reconciliation statement

Balance of tax losses brought forward from the prior income year $75,653.00A

ADD Uplift of tax losses of designated infrastructure project entities B

SUBTRACT Net forgiven amount of debt C

ADD Tax loss incurred (if any) during current year $28,883.00D

SUBTRACT Tax losses carried back K

ADD Tax loss amount from conversion of excess franking offsets E

SUBTRACT Net exempt income F

SUBTRACT Tax losses forgone G

SUBTRACT Tax losses deducted H

SUBTRACT Tax losses transferred out under Subdivision 170-A (only for transfers involving a foreign bank branch or a PE of a foreign financial entity)

I

Total tax losses carried forward to later income years $104,536.00J

Description Amount

All other expenses $131,656.00

Total $131,656.00




7W

7V

8M

NON-DEDUCTIBLE EXPENSES

EXEMPT INCOME

FRANKING ACCOUNT BALANCE

Description Amount

Depreciation $753.00

Mutual Non deductible $76,280.00

Total $77,033.00

Description Amount

Mutual Income - Memberships $63,351.00

Mutual Income - 60% of Seminars (From Last Year) $29,867.00

Total $93,218.00

Date Transaction details Debit Credit Balance

Opening Balance $0.00 $24,537.00 $24,537.00

Total $0.00 $24,537.00




Notes for Persons Signing Income Tax Returns Page 1

Notes for Persons Signing Income Tax Returns

Each person signing an income tax return, in light of their knowledge of their own affairs, to

ensure there are no inaccuracies in the return, should read these notes carefully.

True and Full Disclosure

Your attention is drawn to the following important considerations to ensure the correctness

of each income tax return:

� That income from all sources have been disclosed;

� That all deductions claimed can be justified;

� That all deductions claimed for work, car and travel expenses can be substantiated

by the required records and receipts;

� That all statements are correct and complete

Capital Gains Tax and Overseas Income

Every sale of property of any description should be considered for the possible application of

both income tax and capital gains tax.

Your attention is specifically directed to the questions concerning the sale of property,

income derived from overseas sources and property located overseas.

The worldwide income of Australian resident taxpayers is taxable in Australia with a credit

allowed for the income tax paid in a foreign country on that income.

Substantiation of Work, Car and Travel Costs

If you would like us to provide you with details of the requirements to keep records and

receipts to substantiate any deductions claimed for work, car and travel expenses please ask

us. Where claims have been made in your return for any of these expenses, substantiation

requirements need to be clearly understood before signing the declaration included on the

front cover of your return. If you have any doubts, these should be resolved before signing

the declaration.

False and Misleading Statements

If an answer to a question or any statement made in an income tax return or an attached

schedule appears to be incorrect, incomplete or misleading, please provide the information

needed to amend the return. Penalties may be imposed on an assessment for an incorrect

return under the Income Tax Assessment Act 1936 and/or the Income Tax Assessment Act

1997 for up to double the amount of additional income tax subsequently assessed. These

penalties may apply even if the error was made innocently. Alternatively, in more serious

cases, prosecutions may be instituted under the Taxation Administration Act 1953 and fines

imposed by the Courts, if convicted.

Advice

You are responsible for the accuracy and completeness of the details and information you

provide to us and disclosure of all material and relevant information. The advice that we

provide is an opinion based on our knowledge of your circumstances. It is your responsibility

to ensure we have been informed of all relevant information. This includes informing us of

any change in your circumstances and advising us of any subsequent event which may affect

the accuracy and completeness of the information provided.


Notes for Persons Signing Income Tax Returns Page 2

Self-Assessment

The Australian Taxation Office is reliant upon self-assessment by taxpayers. The issue and

payment of an assessment does not imply the tax liability for the year has been finalised. As

a consequence, onus is placed on taxpayers to ensure that income tax returns are accurately

prepared and contain no misleading statements or information. All taxpayers may expect

some attention from the Australian Taxation Office about their past taxation affairs. The

penalty for any errors and omissions detected at that time may assume large proportions if

several years have passed since the income tax return was lodged and assessed.

Please sign this form as an acknowledgement of your understanding of your responsibilities

in signing your return and return it to us with your signed return.

Name: ____________________________

Signed:

____________________________ Date:

_______________


07 October 2016 | 10:26 AEDT

Glenn Thiele

AUSTRALIAN CONTAMINATED LAND …aclca.org.au/vic-docs/aclca-accounts-2015-16-scott...Business...

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