Farmers Financial Statements

Schedule 1
– Accounts Receivable (Debtors)

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Schedule 2
– Accounts Payable (Creditors)

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Schedule 3
– Livestock Numbers

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Under the Companies Amendment Act 2014 there is now a requirement for all directors to provide their place of birth and date of birth AND in addition, there must be at least one director that either lives in New Zealand; or lives in Australia and is a director of a company incorporated in Australia:

Would you like a copy supplied to your bank?
Has the nature of your business changed in any way during the past 12 months?

Records Required

Bank Statements, Cheque butts, Cashbooks, etc

Where a complete computerised accounting system is used (e.g. MYOB), please provide:

Where a Cashbook (computerised / manual) or no system is used, please provide:

Note: If no cashbook has been kept, please ensure the following: That bank statements include the exact nature of all deposits and withdrawals including all cheques, automatic payments, direct debits and eftpos transactions.

Loan Statements

Employer – Wages paid to Employees

Covid-19 Wage Subsidy and Small Business Loan

Fringe Benefit Tax (FBT) Returns

Goods & Services Tax (GST) Returns

Interest and Dividend Certificates

Accounts Receivable (Debtors)

All accounts or amounts owing to you at balance date should be scheduled. Exclude bad debts. To enable bad debts to be excluded from income, these must be written off prior to balance date.

Accounts Receivable (Debtors)
GST

Accounts Payable (Creditors)

All accounts or amounts owing by you at balance date should be scheduled indicating name of creditor, amount and what the debt is for. Alternatively, mark on cheque butts or highlight in cash book those items in the month following your balance date, which should be included. Holiday pay or bonuses paid within 63 days of your balance date may be included.

Accounts Payable (Creditors)
GST

Cash Income Not Banked During Year

Capital Expenditure

Attach details of assets purchased or sold during the year such as motor vehicles, plant and equipment and properties. Where applicable please provide the following details:

Developmental Expenditure

Development expenditure includes clearing land, drainage, construction of roads, irrigation, supporting frames for crops, construction of fences (where there are no existing fences), etc. It can also include costs such as fertiliser or regrassing if you are undertaking a major conversion project.

Other Non-Taxable Income

Did you receive non-taxable income from any other sources?

Business Expenses

There are a number of invoices that we specifically require. Please ensure the records you provide us with include all paid accounts for:

Farm House Expense Apportionment (including any attached garage / storage space)

Livestock on Hand

Consumables on Hand

If the value of total unused consumables on hand at balance date exceeds $ 58,000, please provide full details. This threshold is for the combined value, not the individual values. Examples include fencing materials, ear tags, dips, drenches, animal health remedies, fertiliser, purchased supplementary feed, petrol, diesel, oil, twine, alkathene pipe etc. Please note, that this does not include home grown hay/silage and only includes purchased feed costs.

Please estimate the cost (Excluding GST) of consumables on hand

Purchased Stock Feed (at cost):

Unsold Produce

Please provide full details of any produce on hand at balance date that is intended for sale. Examples include honey, wool, timber, hay, silage, crops.

Other Produce, Harvested Crops & Fruit

Private Use

Value of goods taken for private use at their cost price (excluding livestock)

GST

Expenses paid in Cash or from Personal Funds

Residential Land Withholding Tax

Have you sold residential property in New Zealand where Residential Land Withholding Tax has been deducted and paid to the IRD?

Residential Property Sales

Have you sold any residential property during the year (not otherwise detailed on the information provided)?

If it was purchased with 5 years of the sale date,

Research and Development

If this entity is a company, have you spent significant amounts on research and development during the income year?

Motor Vehicles

The proportion of motor vehicle business use as established by your vehicle log book(s) is/are:

• Please note that a detailed and accurate log book must be completed for a three month period every three years or vehicle expense claims will be limited to a maximum of 25% of expenses incurred.

Mixed Use Holiday Home

Do you own a mixed use holiday home?
Does this entity have a property (such as a holiday home or a bach) that is used privately and also to derive income?
Was the property empty for 62 days in the income year?

If yes, please complete the following section so we can determine the amount of allowable deductions.

If there is more than one tenant who used the property through the year, please provide details.

Expenses incurred in respect of the property (the list below is not exhaustive – details of all expenses will be required):

Mixed Use Boat or Plane

Does this entity have a boat or plane (with a market value of ,000 or greater), that is used privately and also to derive income?
Was the asset unused for 62 days in the income year?

If yes, please complete the following section so we can determine the amount of allowable deductions.

For non-associated persons where payment received is at least 80% of market value:

Expenses incurred in respect of the property (the list below is not exhaustive – details of all expenses will be required):

Cryptoassets

Have you received or traded in cryptoassets during the income year?

If yes, please provide the following information.

Terms of Engagement

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