Every individual filing a return must also file a wealth statement listing assets and liabilities at 30 June, plus a reconciliation showing how this year's wealth change is explained by income, expenses and gifts.
What to declare
- Property at cost, including plots, houses and shops
- Vehicles at cost
- Bank balances, cash in hand and savings certificates
- Investments: shares, mutual funds, prize bonds, gold
- Loans given and liabilities owed
- Foreign assets, if any, in the foreign assets statement
Common mistakes
- Declaring property at market value instead of cost
- Forgetting to include spouse's or dependents' assets you funded
- Unexplained increase in wealth that exceeds declared income
- Not reporting gifts or inheritance with supporting documents
How we help
We build your wealth statement from the last filed year forward, reconcile it against bank statements and advise on how to document gifts, inheritance and remittances before FBR asks.
