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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      Dollars for scholars

      The strategy: To claim the new education tax refund.

      Oh good, I need some extra cash. Can I claim it in this year's tax return? Tough luck. The refund will apply only to educational expenses incurred from July 1, which means you'll have to wait until next year to claim them. Treasurer Wayne Swan says to be eligible for the refund you should start keeping your receipts now.

      What can I claim? Eligible families can claim education expenses of up to $750 for each child at primary school and $1500 for each child at secondary school. The refund covers spending on laptops, home computers and associated costs (including repair and running costs and leasing), home internet connections, printers, paper, education software, school textbooks and associated material such as study guides, learning materials and stationery and prescribed trade tools.

      If you have more than one child at school, the spending can be pooled and used against the combined entitlement, so long as the children all have access to the purchased items.

      However, you can't claim the refund if you are entitled to a tax deduction or Government payment or subsidy for that expense.

      How does the refund work? It's structured as a 50 per cent refundable tax offset. This means that if you claim the maximum allowable expenses, you will get a $375 reduction in your tax bill or refund for each child at primary school and $750 for each child at high school. There will be a section in your 2008-09 tax return where you can claim the refund and a separate form available from the Tax Office for those people who don't have to fill out a tax return. MLC's technical services manager, Andrew Lawless, says this will enable the refund to be paid to all eligible families. Unlike many other offsets, you won't lose the benefit if you don't have a tax liability to use it against.

      What if I spend more than the maximum amount? According to Treasury, education expenses in excess of the maximums can be carried forward to the next financial year. So if you have a major purchase, you can spread your claim over two tax years. But if expenses are not used in either the year they are incurred or the following tax year they will lapse.

      Lawless says this will be particularly beneficial with purchases such as laptops that can cost more than $1500. Before the budget in May, parents could salary package laptops for their children tax effectively - as this is no longer allowed, the refund will be the main tax break available.

      Is the refund means tested? It is only available to families entitled to Family Tax Benefit Part A. Eligibility for this benefit depends on the number of children you have, their ages and your family's adjusted taxable income. As a guide, Lawless says a family with two schoolchildren under 17 would be able to earn up to $111,082 before losing this benefit. Your adjusted taxable income is your taxable income plus reportable fringe benefits. However, from next July 1, Lawless says it will also include any salary sacrificed super contributions. This means some families who are eligible for FTB Part A and the education rebate this year may not be eligible after that. So claim those education expenses while you can.

      Eligibility for the rebate also will be extended to families in which a child would have been an eligible child for FTB Part A but for the fact of receiving a Government benefit or pension such as Youth Allowance, a disability support pension or ABSTUDY. Children receiving these benefits are automatically disqualified for FTB Part A but may be covered by the rebate.

      Can I claim the refund if my child starts school next February? You'll be able to claim it for half the financial year. If your child is moving from primary to secondary school next year, you can claim the refund at the secondary school rate for the year.

      Annette Sampson
      July 9, 2008
      The Sun Herald


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