Documents needed to assess a private company 043-04010020

On 1 January 2002, the way private companies are treated under the income and assets tests changed. This procedure applies to both pre and post 1 January 2002 assessments as most of the documents that were required for the pre 1 January 2002 assessment rules are also required for post January 2002 assessments. A determination of whether or not the company is assessed under post 1 January rules can only be made by examining the documents.

Service Officers are responsible for issuing customers with the Private Company form (MOD PC) if a new claim or a review form triggers the need to issue another. This form must be completed by the customer or their representative. For example, a nominee or an accountant. The Service Officer will also obtain from the customer all the relevant documentation as detailed in the checklist of the MOD PC. If the company owns more than one property, the company real estate details of the MOD PC will need to be completed for each additional property held by the company including the home of the customer and their partner.

If the Private Company is deregistered, see Identifying and making suitable referrals to the Complex Assessment Officer (CAO).

Note: if the customer is involved in more than one private company they will need to complete a MOD PC for each company and provide the documents in the checklist for each company. If the company is a corporate trustee, a Private Trust form (MOD PT) and the documents in that module will be required.

These documents may be used to determine payability of an income support payment under the Social Security Act 1991 and Veterans' Entitlement Act (VEA) or initial or ongoing entitlement to a Health Care Card. The income details may be required to be provided to the Department of Social Services (DSS) if a customer is a resident in an aged care home.

Services Australia requires the originals of the modules completed and the written agreements for any loans made by company associates or other third parties to the company. Copies are required of the other documents such as the company tax returns and financial statements. Various other documents may be required depending on the particular circumstances of a customer or company.

Following is a list of the type of documents and financial statements that may be needed to assess a private company.

Note: all of the documents and financial statements listed may not be needed, only those that are applicable for the company that the customer is involved in.

• Module PC - Private Company form (MOD PC)
• Module PT - Private Trust form (MOD PT), if the company is a corporate trustee
• Company Real Estate Details section of the MOD PC for each property held by the company including the home of the customer and their partner
• Written agreements concerning loans to the company by the customer, company associates and third parties (except recognised financial institutions)
• The latest individual tax return for the customer
• The latest individual tax return for the customer's partner
• The latest tax return for the private company in which the customer or their partner is involved (including the complete financial statements)
• Trading account details (part of the profit and loss account)
• Profit and loss statement (for each business of the company)
• Depreciation schedule
• Balance sheet
• Shareholder loan account details
• Notes to and forming part of the accounts
• Council rates notice for each property held by the company
• Additional information the customer would like Services Australia to consider

The following documents may be requested by the Complex Assessment Officer (CAO) at a later stage, if required:

• the Constitution, or Memorandum and Articles of Association
• last return to the Australian Securities and Investment Commission (ASIC)
• minutes of directors' meetings
• certificate of title for each property held by the company
• certificates for share investments held by the company
• certificates for managed investments held by the company
• loan agreement for each liability of the company

If several customers are involved in the same company, some of the documents required may already have been provided to Services Australia. For example, the latest financial statements of the company.