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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      Growing your business without borrowing

      Columnist Sue Hirst reviews some initiatives that businesses can take to reduce their external financing needs when growing their business.

      Overheads: This is an area where you can make massive savings. Do a review of all overheads and ask yourself these questions. Why am I spending this and what “value” does it deliver onto the bottom line? Should I cut it out? How could I do this differently to achieve a similar result? Who else could deliver this product or service and how much would they charge?

      Purchase orders: Introduce a purchase order system into your business ie no money gets spent unless you, the business owner, approve it. It may sounds tedious but the resulting savings will far outweigh any tedium.

      Outstanding customer accounts: This is an area where I often see much needed cash just sitting there waiting to be collected. It will often cost much less to get the money in than the extra funds resulting from the effort. Once you get into this habit you will need to borrow far few funds to run your business.

      Supplier accounts: This is an area where available money is often under-utilised. You as the business owner should have very tight control over payments to suppliers. You need to ensure that you are not paying suppliers too quickly. I have seen this time and time again where an employee pays the bills and is way too quick at getting cheques signed. This puts unnecessary stress on cashflow and the business owner who has to deal with the result.

      Stock: Try to think as hundred dollar bills sitting on your stock room floor. The aim here is to have stock sitting in stock for as little time as possible. You need to know your stock usage patterns. You can find this out by looking at previous items and setting a program for purchasing stock, ie not just when the sales rep calls in with an offer of a discount. A discount could cost you precious cashflow. Do the comparison and you may find the discount actually ends up costing you lost sales, because you weren’t able to sell other more profitable products or spend money on marketing.

      Jobs in progress: The aim here is to get the jobs finished as quickly as possible so that you can invoice customers and get paid. If you can get a deposit to cover costs, this is a great place to begin injecting cash into the business. Progress payments are also a great way to ease the cashflow burden.

      The best way to speed up job completion is to have good systems in place to ensure no hold ups occur and quality isn’t compromised. A job management system may seem like an expense, but once installed into your business you have it forever, creating efficiencies and improved cashflow.

      Staff, job descriptions & incentives: Now is a good time to review how the business operates and who it needs on the team. Start by looking at all the tasks performed in the business (you may find some you want to stop doing!). Look at who is performing them now and how well they are doing. A reshuffle of job descriptions might be in order. It’s much easier to get people to do what they will do and are motivated by.

      When something comes up don’t just hand it to the nearest person, ask “who is the best person to do this?” Understanding the strengths and weaknesses of your team members is a great place to start. There are analysis tools around to assist with this if you can’t immediately put your finger on it.

      Staff incentives are a great way to improve performance. Work out the “Key Drivers” in your business and create incentives to support them. Key Drivers are generally the things that create customer satisfaction in your business. You will be amazed at the increase in positive activity when an incentive is introduced. Ensure incentives are based on profit not just sales and loyalty is built into them ie they are paid once or twice yearly.

      If you can implement all these improvements in your business, the level of money “freed up” may mean you never have to go “cap in hand” to the bank again!

      Remember the bottom line (profit) is ultimately where you want growth, not just the top line (sales). Business value is mostly calculated on profit, so this is what you want to concentrate on.

      Sue Hirst
      My Business, November 2008

      www.cadpartners.biz


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