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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      The importance of budgeting

      Budgeting can give you a road map to follow for your business. It can also help you to further reduce costs.

      In good times it’s easy to become relaxed about budgets and profit & loss reports because there is plenty of income, but when times get tough it’s important to also look closely at where the money is being spent. I recently went through this exercise in my own business and came up with approximately $250,000 of savings per year. Some savings are tough to make but as a business owner, if you don’t make them, the cost could be coming out of your own pocket.

      What are the key benefits businesses can gain from a good budget? The benefits are:
      • A budget helps you to determine a break-even number therefore providing a target to aim for each month.
      • A regularly reviewed budget enables you to compare against actual performance and quickly identify losses and take remedial action.
      • Preparing a budget provides an opportunity to think about what you are going to spend and set limits for the business owner and staff.
      • A budget allows you to plan operations and gives those responsible a better handle on things.
      • A budget is required for lending and demonstrates good management.

      How should businesses approach budgeting for any transition in business direction?

      Growing your business requires financial as well as strategic planning. The first thing is to actually have a budget. Very few small businesses have one. The excuse we often hear is “I don’t know what my income will be, so how can I do a budget?” My answer to this is, what most businesses should know is their expected expenditure.

      A simple budget

      • You start by entering your fixed costs into a spreadsheet with a column for each month of the financial year, plus a total for the whole year. Fixed costs are those that you incur whether you sell anything or not eg rent, wages etc.
      • List all of your fixed costs items by line and using the previous year and your expectations for the coming year, enter a monthly figure for each expense item.
      • Enter a total formula for each month and the full year of expenses.
      • You now know what your break-even point is for each month and the year. Break-even is the amount you need to sell to create neither a profit nor a loss but a $0 result.
      • If there are variable costs such as product purchases or labour, if it’s a service business, enter them just below the income. Variable costs are those that are incurred only when a sale is made.
      • Enter a formula deducting the variable costs from the income to give a gross profit figure.
      • Now add a final formula at the bottom deducting the fixed costs from the gross profit to get your expected net profit figure.

      Once you have done this you have something to aim for and work with. Each month you replace the budgeted figures with actual to create a “rolling budget” which will tell you what your yearly results will be if you meet budget in the remaining months of the year. This can be a very enlightening exercise and show where you need to focus attention on both income and expenditure.

      Note: this can be the basis of a cashflow forecast by removing any non cash items such as depreciation and entering an opening and closing bank balance for each month. You would also need to enter any non profit & loss items such as GST and Capital Expenditure.

      By doing this you will see the monthly future bank balance and where any extra funding may be required.

      Reviewing budgets

      Budgets should be reviewed monthly. This can be done by entering your budget into accounting software and printing an actual versus budget, profit & loss report at the end of each month.

      A budget is a guide to financial performance of the business and a way to quickly identify overspending and potentially loss making situations. The sooner this is done the less money that is lost or wasted.

      How can businesses reassess their expenditure in difficult times? The best way to reassess expenditure is to set aside some time to work through every line of profit and loss report for the previous year, and ask yourself the following questions:

      • Is there a better way of achieving this outcome?
      • Is there a more cost effective way of doing this?

      What are some common changes businesses can make to their budgets during periods of cash constraints? Have a look at the high percentage of spending and look for ways to minimise them.

      For example if you operate from rented premises have a look at the amount of space you occupy. Is it appropriate for the business now? Things change and what was appropriate in the past may not be the same now. Moving a business may seem like a traumatic event, but if it’s going to make big savings to the bottom line perhaps it’s worthwhile.

      Another example is telephone and communications services. Have a close look at what you’re spending and the providers you’re paying. I was amazed when I looked closely at ours – we were paying eight different providers. Some of them were totally unnecessary. We saved approximately $1000 per month by changing and consolidating our providers.

      A sensitive area is staff. This can also be a huge area of savings. Many SMEs don’t have an organisational chart – a clear picture of who does what in the business, and very few staff have job descriptions.  This happens often as a result of years of growth in a disorganised manner. If you sit down and think laterally about what needs to be done in the business and who is doing it now, big savings and efficiencies can be achieved.

      In summary, a budget won’t magically solve your financial difficulties, but it will serve as an early warning device. You will be in a position to see the situation within one month as opposed to many months if you wait for your tax accounts at the end of the year. When you do identify areas where you can make savings, any short-term pain from making these changes will be long forgotten as your bottom line quickly improves.

      By Sue Hirst
      My Business, September 2008

      http://www.cadpartners.biz/


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