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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      Legal issues with different business structures

      When problems arise with a partner getting into financial problems, you need to know the implications on yourself and what can be done to protect your own interests.

      If your business is run through a partnership, then you and your partners own all of the assets of the partnership jointly.  If a partner becomes insolvent, then their interest in the partnership may be realized as External Controller/Trustee.

      The main difference between a partnership structure and a corporate structure is that:

      • The liability of the partners for the debts of the business is unlimited; and

      • Such liability is shared jointly and severally as between the partners. In other words, each partner is liable for their own share of the partnership debts as well as being liable for all the partnership debts.

      When things go wrong and creditors start to chase an unpaid debt of the partnership, the creditor can sue all the partners jointly. It may be that all partners have to contribute in equal portions towards the debt.  In the worst case scenario, one partner can be made personally liable for the total debt of the partnership and if necessary, be forced to satisfy any debt from their personal assets.

      Under legislation, when a partner becomes bankrupt, the partnership is dissolved. This result can be particularly harsh on the remaining partners, particularly where the partner’s bankruptcy, has little, if anything to do with the partnership itself.

      Further, the court can order that the bankrupt partner’s debt be satisfied from the partner’s interest in the assets and profits of the partnership. Alternatively, at the option of the solvent partners, the solvent partners can satisfy the bankrupt’s debt to protect the partnership.

      Company structure

      A company is a separate legal entity to its shareholders and to its directors. Directors and shareholders are protected from the company’s liabilities incurred in the ordinary course of business, particularly where the loans have not been documented and loan monies are repayable on demand. Where a director becomes bankrupt, the director is no longer able to remain as a director. 

      When a shareholder becomes insolvent, shares held by the shareholder become an asset to be realized by an External Controller/Trustee. Shareholders (in most cases) have the right to appoint directors and it may be that the directors are forced to deal with an unknown person at board level who is appointed by an External Controller/Trustee.

      Loans and guarantees

      It is common that a business is financed by way of loans from its shareholders or partners. If the lender becomes insolvent then these loans may be called in by an External Controller/Trustee which may have a disastrous effect on the business. Similarly, if you have provided joint guarantees then you may find yourself in breach of those guarantees as a result of your business partner’s insolvency.

      If you are concerned about the financial viability of one of your business partners you should consider the following:

      • Where your business is run through a company, you can enter into Shareholders Agreement with your business partner. The agreement can place restrictions on using shares in the company as collateral for a mortgage.

      The agreement can also place restrictions on transferring shares which would equally apply to an External Controller/Trustee who later obtains rights to those shares. You may even provide for the shares to be redeemed by the company or subject to pre-emptive rights in favour of the remaining shareholders should one shareholder go bankrupt.

      • Where your business is run as a partnership, entering into a partnership agreement which provides similar restrictions as outlined above.

      • Where you have provided joint guarantees with your business partners, then review those guarantees to determine what effect your partner’s insolvency may have you and your business. Negotiating “several” guarantees with financiers may protect you.

      In all cases, reviewing existing loans by shareholders to the business and entering into written loan agreements which provide a defined payment schedule for these loans is critical.

      Where appropriate, shareholder loans should be secured by Registered Mortgage Debentures to ensure priority over other unsecured creditors.

      John Sier
      My Business, February 2009


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