This is all questions that I have to ask my clients: The main sections of the business income and expenses checklist are as follows:
1. Business Details:
- Business Name
- GST Number (if applicable)
- Physical Address
- First Year of the Business
- Main Product or Service
2. Income:
- Sales (including GST if Applicable)
- GST Inputs (paid on your expenses)
3. Expenses:
- Advertisement
- Meals
- Liability Insurance
- Management Fee
- Accountant, Legal Fees
- Interest & Bank Charges
- Licenses, Membership
- Office Expenses
- Rent Office
- Equipment Rent
- Travel Expenses
- Wages (Subcontractors)
- Liability Insurance/WCB
- Telephone
- Other (Specify)
4. Business-Use-of-Home Expenses:
- Total House Area (sq. feet)
- Used for Business Only (sq. feet)
- Heat
- Water
- Light
- Repair & Maintenance
- Property Taxes
- Insurance
- Mortgage Interest
- Other (Specify)
5. Auto Expenses:
- Vehicle Information
- Total Kilometres Driven in the Fiscal Period
- Kilometres Driven for Business
- Fuel and Oil
- Interest (Financing)
- Auto Insurance
- Licence and Registration
- Maintenance and Repairs
- Leasing
- Other Expenses (Specify)
6. Acquisition of Capital Assets:
- List of Equipment/Vehicles Acquired During the Year
7. Other Relevant Information for Your Business