Info base

Info Base

Our Info Base is a collection of fact sheets, templates, downloadable forms, lodgement checklists, taxation details and other relevant information. 

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  • INFO BASE

    • Resources

      • Individuals

          Residents: Personal tax rates and thresholds

          These rates apply to individuals who are Australian residents for tax purposes: 

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          Non-Residents: Personal tax rates

          Non-residents are not subject to the $18,200 tax free threshold and are not required to pay the Medicare levy.   

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          Rental Properties

          Purchasing a rental propertyWhen purchasing a financed rental property you may consider:o The interest on the debt is deductible in contrast to the interest on the debt for your main…

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          Motor Vehicle Deductions

          Since 1 July 2015 there are only two methods available for claiming a deduction for motor vehicle expenses:Logbook, orCents per kilometre All motor vehicle claims need to be supported by…

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          Private Health Insurance Rebate

          The private health cover rebate changed on the 1st July 2015: Most people were receiving a standard 30% rebate on their premiums, either taken along the way as reduced premiums…

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          Understanding PAYG Instalments

          What are PAYG Instalments?Pay As You Go (PAYG) instalments is a system for making regular payments towards your expected income tax liability. It generally only applies if you earn business…

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          Airbnb Rental Income

          With the increase in people using the sharing economy to supplement their income, for instance with AirBnb and Stayz, it’s helpful to keep in mind the tax implications these sorts…

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      • Tax Rates

          Residents: Personal tax rates and thresholds

          These rates apply to individuals who are Australian residents for tax purposes: 

          read more »

          Non-Residents: Personal tax rates

          Non-residents are not subject to the $18,200 tax free threshold and are not required to pay the Medicare levy.   

          read more »

          Weekly, Fortnightly & Monthly Tax Tables

          To calculate the Pay As You Go (PAYG) withholding tax amount for your employees download the weekly, fortnightly or monthly tax tables below, depending on your agreed pay frequency. These schedules incorporate the…

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      • Lodgement Dates

          Tax Return Lodgements 2017

          A list of lodgement dates applicable to tax returns for the 2016 - 2017 financial year is below:Individual Tax Returns –• Individuals who lodge their own tax returns, the due date…

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          BAS Lodgements 2017-2018

          The lodgement program due dates for the 2017 - 2018 financial year are listed below for all quarterly and monthly activity statements, including PAYG withholding payments. Please note the different…

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      • Checklists and Downloads

          Personal Tax Return Checklist

          Income:• Group certificate(s)• Statements of any allowances, Centrelink benefits or pensions• Details of interest received on bank accounts• Dividend statements• Rental property statements from managing agent or details of any…

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          Tax Return Checklist for Rental Property Income

          Income & Expenses:• Rental statements from property agents – these will include the rental income, property agent fees and commissions, and advertising expenses• Body corporate / strata fees•…

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          Requirements for BAS

          Below is a list of the detail required to be able to process BAS documentation for lodgement:Bank statements for the full BAS period – Make sure you have all the…

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          Spreadsheets - Business Income & Expenses

          It's not always necessary to purchase, install, create and update complicated accounting package programs when starting up a business. Sometimes a simple Excel spreadsheet can be more suitable, particularly with sole traders and…

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          Spreadsheet - Rental Property

          This spreadsheet is a useful tool for monitoring your rental property's income and expenses for your year end tax return. Keep track of your quarterly earnings and expenditure, as well as capital purchases…

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          Spreadsheet - Motor Vehicle Expenses

          This spreadsheet is a useful tool for monitoring and recording your motor vehicle expenses for your year-end tax return. Keep track of your quarterly expenditure, including lease payments and interest on loans…

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          Template - Motor Vehicle Logbook

          A logbook can help you get the most from your business or work-related motor vehicle use. Download this template so you can keep track of each business or work-related trip…

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      • Superannuation

          Consolidating your super

          There are numerous benefits to keeping your super in one place.  Apart from only paying one set of fees, you will also be able to keep track of your retirement…

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          Binding Beneficiaries Nominations

          Under superannuation law, the Trustee of your super fund has the discretionary power to decide which of your dependents receives your super if you die before you retire. The law…

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      • Estate Planning

          Template - Last Will & Testament

          A Will is a legal document that clearly sets out your wishes for the distribution of your assets after your death. Having a clear, legally valid and up-to-date Will is…

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      • Starting a New Business

          Starting Up Your Business

          1.  Business PlanBefore you register for an ABN and start trading it is vital to sit down and flesh out the finer points of your business idea: Consider the different…

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          Company & Trust Set Up

          If you decide on a company or trust structure for your new business AFYF can assist you in meeting the various legal, ATO and ASIC documentation necessary for registration and…

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          Registering a Business Name

          When you first get started in a business you should register your business name with ASIC. Registration of a business name lasts for either one or three years, depending on the…

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          Company & Partnership Agreements & Deeds

          When first setting up your partnership, company or trust there may be a requirement to draw up and sign an agreement or deed. These agreements can regulate the arrangements between partners,…

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          Invoicing - What to Include

          Invoices can be hand-written, carbon copies or computer generated from programs like Xero or MYOB, but they all need to include certain details.  For businesses registered for GST invoices need…

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      • BAS & GST

          BAS Lodgement Dates 2017-2018

          The lodgement program due dates for the 2017 - 2018 financial year are listed below for all quarterly and monthly activity statements, including PAYG withholding payments. Please note the different…

          read more »

          Requirements for BAS

          Below is a list of the detail required to be able to process BAS documentation for lodgement:Bank statements for the full BAS period – Make sure you have all the…

          read more »
      • Business Planning

          Business Planning

          A business plan is an essential tool in starting up your business. It allows you to set a clear direction for your business, to communicate planning objectives and strategies to…

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      • Employing People

          Weekly, Fortnightly & Monthly Tax Tables

          To calculate the Pay As You Go (PAYG) withholding tax amount for your employees download the weekly, fortnightly or monthly tax tables below, depending on your agreed pay frequency. These schedules incorporate the…

          read more »

          Job Descriptions with Various Templates

          The job description should be the very first step in the recruitment process. It provides a support for writing job advertisements, specifying necessary qualifications, interviewing candidates, planning job training and…

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          Letters of Offer & Example

          A letter of offer is an important aspect when hiring a new employee as it outlines the terms and conditions of the job being offered.Try to include as much detail…

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          Letters of Appointment & Example

          A letter of appointment is another aspect of the recruitment process that the employer should complete to confirm the details of employment. It generally only needs to be a short…

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          Issuing Payment Summaries to Employees

          Payment summaries must be issued to every employee paid during a financial year ending 30 June. These summaries should be given to employees by the 14 July each year.The information…

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      Changes to Family Tax Benefits

      Does your brood qualify?

      The strategy: To understand the changes to Family Tax Benefits (FTB) and other family related benefits.

      Which changes are those? You've probably heard that the Government announced in last month's budget that it plans to means-test Family Tax Benefit Part B and other handouts such as the baby bonus. FTB Part A is currently means-tested on the family's income; Part B is only assessed against the lower earner's income. So a couple who may not be eligible for Part A because they jointly earn too much may be eligible for Part B if one partner earns the bulk of that income.

      This year, the Family Assistance Office says families will lose any Part B payment when the lower earner's income reaches $22,302 if their youngest child is under five and $17,356 if their youngest dependent child is five to 18. To get the maximum Part B payment the lower earner's income must be less than $4380. So this benefit has been of most help to single-income families - and sole parents who receive the maximum payment.

      From July 1, Part B will be paid to families only where the principal earner's income is $150,000 or less a year, regardless of what the other partner earns. Sole parents will also lose Part B if their income exceeds $150,000. Families whose principal earner earns less than $150,000 will still be assessed against the lower-earner's income.

      Didn't I read they're changing what's included in my income as well? The income definitions are being expanded but the good news is that this won't happen until July 1, 2009, so you've got another year to plan. From that date, the definition of income for all family assistance purposes will be expanded to include net financial investment losses (basically losses made from gearing into shares or managed funds) along with salary-sacrifice super contributions. This will make it harder for families to structure their investment strategies so that they're eligible for family benefits.

      The Government has also said that you won't be able to claim your Part B benefit through the tax system from July 1, 2009. Less than 10 per cent of families claim the benefit in their tax returns. Once this measure comes in, everyone will have to choose from a fortnightly or annual lump sum through Centrelink or Medicare.

      What other benefits will be affected? A similar means test also will apply to related dependency offsets, such as the dependent spouse, housekeeper, child housekeeper, parent or parent-in-law and invalid relative tax offsets to ensure that families who lose Part B will not become eligible for these tax breaks.

      And, as the pre-budget headlines indicated, a means test will also apply to the baby bonus. As proposed by the previous government, this bonus is being lifted to $5000 from July 1 but a means test will apply from January 1. Eligibility for the bonus will be restricted to families with adjusted taxable income of $75,000 or less in the six months after the birth of the baby.

      From January, the baby bonus will be paid in fortnightly instalments, rather than as a one-off lump sum, it will be indexed on July 1 each year and eligibility will be extended to parents who adopt children under 16 (currently under two). The extended income definitions also will apply to these benefits from July 1, 2009.

      Have there been any changes to FTB Part A? The new income definitions will apply to all forms of family assistance but otherwise Part A remains unchanged. Your payment level and eligibility still will depend on your family's income, how many children you have and how old they are.

      The Sydney Morning Herald

       

      Annette Sampson
      June 4, 2008


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