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…

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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…

          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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      Capital Gains Tax Issues

      MAIN RESIDENCE CGT EXEMPTION

      The dwelling in which you live will be exempt from CGT if you own it. The term “dwelling” includes a flat, home unit, caravan, house boat or other mobile home and includes the land on which it is built up to a maximum of two hectares.

      If you have to leave your home for a period, but intend to return to it (for example, a move interstate or overseas for a few years), you can still claim the exemption provided you are not claiming any other residence as your residence. If you are renting out the premises the period should not exceed six years.

      If you purchase vacant land and erect your main residence on it and actually live in the residence for at least three months, you can claim main residence exemption on the vacant land for a period of up to four years.

      If you purchase a second home before disposing of the former, both residences can be taken to be the main residence for up to six months.

      SMALL BUSINESS CGT EXEMPTION - ACTIVE ASSET

      A 50% CGT active asset exemption is available on the disposal of all active assets of small businesses with net assets of up to $5 million.

      This measure applies in addition to the 50% discount available to individuals and also in addition to the small business rollover relief or retirement exemption.
      If you are an individual operating a small business you may be eligible for:
      • The 50% CGT discount on the gain
      • The 50% active asset exemption on the balance of the capital gain
      • The remaining 25% of the gain can either be rolled over into replacement assets or be applied towards the retirement exemption (limit of $500,000).

      The eligibility criteria are as follows:
      • The asset must be an active asset (i.e. the asset is used in the course of carrying on your business or in the business of an associate)
      • The net value of your group’s CGT assets do not exceed $6 million
      • Where the entity disposing of the asset is a company or trust, from 1 July there must be a “significant individual” who has at least a 20% interest in the income or capital of the entity. Up to 30 June 2006 the “controlling individual” test (a 50% interest) applies
      • Note that if the asset is a membership interest of an entity, at least 80% of the entity’s total assets must be active assets for at least half of the period that the assets were owned.

      CAPITAL GAINS TAX ROLLOVERS

      Many CGT rollovers are available, including:
      1. Transfer of an asset from an individual, partnership or trust to a wholly-owned company. This rollover is useful if you are reorganising your investment structures.
      2. Purchase of a replacement asset from moneys received as a result of the loss, destruction or compulsory acquisition of an asset.
      3. The renewal or extension of a statutory license, including licenses granted for broadcasting, taxis, import and export quotas, fishing permits or quotas, oyster farming licenses, milk quotas, wool quotas and liquor licenses.
      4. Conversion of ownership of a home unit or apartment into strata title ownership.
      5. Exchange of shares in the same company. Allows you to change the share capital structure of your company, perhaps in preparation for introducing a new investor.
      6. Interposing a new company. Allows you to interpose a new company between the shareholders and an existing company. This is also useful if you are contemplating introducing a new investor into the existing company.
      7. Scrip-for-scrip takeovers. Takeovers of a company can be tax free to the shareholders to the extent the consideration received is shares in the purchaser company.
      8. Transfer of all assets from a fixed trust to a company. This is not available for discretionary trusts.
      9. Transfer of assets under a marriage breakdown settlement. This must be approved by a court. Although the Government has announced changes to extend this rollover relief.


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