Steps to making an assessment of a business 043-03060000

Before an assessment of a business can be made by a Service Officer the customer and partner, if applicable, will need to complete the appropriate module/s and supply verification documents, which may include personal and business tax returns and business financial statements.

The details on the module and the income tax returns will identify the type of business structure in which the customer and/or partner are involved. A business can be run as a sole trader, partnership, or through a private trust or private company. In the case of a private trust or private company, the case must be referred to the Complex Assessment Officer (CAO) for assessment.

A customer's role can be identified through information provided on the claim, modules and other support documents supplied, however Service Officers can verify this with the customer if unsure. A customer may have roles such as owner, shareholder, director, beneficiary, or salary earner from the business.

Other types of income received from a business structure can include commissions, stipends, fees, honoraria, royalties and similar types of remunerative income earned, derived or received by the customer. A customer could have more than one role in a business and be in receipt of an income source as well as a share of profits from the business.

Once the business structure and customer's roles in it have been identified by the Service Officer, and all relevant financial documents obtained, the Service Officer or CAO will:

• identify the income and assets assessable from the business structure
• identify the share of business income and assets owned or received by the customer and partner
• code all details on the customer's and/or entity's record
• advise the customer of the outcome of the assessment