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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      Expect the unexpected: How to get your finances in order

      With around 80% of businesses failing in their first year of operation, how they structure their financial operations has a lasting impact on their ability to compete and deliver returns. Ross Greenwood, Nine Network’s Finance Editor, believes that so many businesses fail mostly due to poor financial planning and understanding. So whilst entrepreneurial flair and a great idea is the initial spark behind setting up a business, understanding the finances is critical to getting it past that first 365 days.

      1. Get a solid financial platform

      “It might seem an obvious task, but getting the right bank account and credit card facilities is vital unless you want to constantly fight against your future business growth,” says Ross.

      “So many businesses have the wrong type of bank account, so write a checklist of what your needs are. For example, your business may need merchant facilities due to online transactions, or you may have a lot of cash deposits due to operating a services business.”

      Then there is the way that the money comes out of your account. “You may need to pay creditors by direct transfer, or by cheque. Or you may even have to pay them by credit card, so consider this: choosing the right credit card facilities also gives you full and accurate reporting of your payments. The tax office now accepts credit card statements as proof of purchase, so bear this in mind.”

      Doing a little bit of shopping around can save you money. Even a few hundred dollars a month adds up over the course of a few years, which can mean a lot if times become tight.

      2. Cash flow is the key to business survival

      Cash is quite literally the oxygen that enables a business to survive and prosper, and is the primary indicator of business health. Even if your company is profitable, it could still fail as a result of a shortage of cash.

      Ross comments, “Whilst a business can survive for a short time without sales or profits, without cash it will die. For this reason the inflow and outflow of cash need careful monitoring and management. Here are some pointers for business owners and their cash:
      • Manage your cash: set yourself and your banking up so you can be transparent and record how much money you need to come in to keep your business alive.
      • Prepare a cash flow forecast and update your projections if there’s a change in market trends or your business fortunes, ensuring you plan for seasonal peaks and troughs. You also need to be aware of your total costs and obligations across the year: you might think you’re in a healthy position for the first six months, but have you factored in that big shipment towards the end of the year that could plunge you back into debts?”

      3. Invest to save and grow

      It might seem a little strange to advise you to invest when you’re discussing cost savings. However, some thoughtful investing in the right areas of your business (such as technology) can lead to greater cost savings in other aspects of the company at present and as your business grows.

      Ross explains, “As a small business it can often be hard to judge what you might need in the future. You want your investments to grow with your business, which may mean outlaying some cost in the short term, but the long-term benefits are very rewarding.

      “For example, with the Australian labour market so tight, mobile working is a serious consideration for all businesses. So what tools do you need to provide your employees to enable them to do their jobs? BlackBerrys, for example, are a great way for them to gain productive time throughout their working day, which in turn means lower labour cost (as well as more responsive staff). As a result, the cost savings you gain far outweigh the initial cost.”

      4. Manage your credit

      Make sure you’re conscious of how much your customers can pay, as they can turn into your worst nightmare. Find out what their payment trends are like. Do they pay cash or do they string out their payments for months at a time? You might be able to take the hit in a healthy economic climate, but if things become tight, keeping an eye on payments will go a long way to consolidating in times of unrest.

      “Stalled payments can really affect your cash flow,” advises Ross. “Know who your customers are and what their ability to pay their debts is like. You have to be vigorous in getting those debts closed off, as it’s not uncommon for many of the biggest customers of small businesses to go broke or not pay”.

      5. Make sure people know you’re in business

      If you’re not marketing your business, then there’s a good chance that nobody knows you’re in business. “When times are tough, marketing budget is always the first to get the cut, and for a small business this can be the nail in the coffin if you’re still trying to establish yourself. You don’t have to spend thousands of dollars to buy customer contacts. Research your audience and find ways to get hold of email addresses to populate your database. Having a business blog is a good way to reach potential customers and gather their details, for example,” says Ross”.

      6. The value of staff

      “The thing that catches out a lot of small business owners is the minimum wage requirements, and not understanding the different industry wage classifications,” says Ross. “Remember also your superannuation obligations and factor those into the total cost of staff, along with basic workers’ compensation.”

      Ross advises that you also need to think about the type of person you employ. “Australia is experiencing a tight labour market at present, and if people don’t work out, then the cost to your business is greater if you have to train and retrain people. Use the internet to source the right staff, as you’ll find  that it could save you costs and provide a wide candidate audience. Times might be good now, but staffing is one area that you should pay special attention to, so if bad times hit, you’re in a good position with the right people.”

      7. Don’t sell yourself short – pay yourself some money!

      Reinvesting back into the business and not forgetting yourself is perhaps the final, but certainly by no means the least important, part of running a business. Ross says, “Even if you’re truly entrenched in the business and cash is tight, try and pay yourself a salary. You are part of the cost of the operation of the business – so make sure you factor in that too. Discipline yourself and pay yourself some cash – you’ve earned it!”

      Ross advises that if you follow the seven simple financial planning rules above, then you should have the foundations of a successful business. “Running your own business will make you greater returns than any other investment you’re likely to make in your life, if it is successful. Entrepreneurial flair is one thing, but having astute business judgment will bring you the rewards you crave,” concludes Ross.

      Ross Greenwood
      Business Insight, Spring 2008


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