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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      Repelling the hackers

      Passwords are not very secure, which is why banks are increasingly offering “two factor authentication” systems that make logging on to internet banking or your own email much safer. 

      IMAGINE FOR A MOMENT that you are a hacker. Like most, you know your way around a computer. But you’re aware that computers are quite well defended these days. The glaringly obvious security holes in software have all been plugged and new ones are fixed within a short time of their discovery. Hacking, in short, is therefore pretty hard these days.

      Second guessing people, however is comparatively simple.

      The infamous Nigerian scam shows you how. This scam sees spam emails offer you a share of the proceeds from a massive oil deal, if only you will help a Nigerian by lending them money to make the transaction happen. For a few tens of thousands of dollars, the emails promise, you can reap millions, if you will only trust someone on the other side of the world who you have never met.

      Most people see through the scam in seconds, but many do not. In 2007, Queensland Police reported they had identified 134 victims of Nigerian and similar scams, with $18 million lost. The force has since updated those estimates.

      The Nigerian scam shows how hackers second guess people using “social engineering”, a phrase that translates to a digital upgrade of “con tricks”. Computers have made con tricks easier to perpetuate by allowing them to do be delivered using email, a low-risk medium compared to face-to-face contact with a victim.

      The meeting of social engineering and computers is on show in the “phishing” scams that see emails purportedly sent from banks asking you to log in and verify your password. The web sites phishing mails direct you to a website that looks just like a bank’s site but are bogus and operated by criminals who record the password you enter and then empty your account.

      It takes a fair bit of effort to construct a fake bank website, but phishing shows how the con trick approach used by Nigerian scammers (who are often from other nations, but pose as Nigerian) can yield a password of immense value to a criminal.

      Today, criminals do not even need to guess your password. Many people are careless in the choice of password, choosing a birthday, the name of a spouse or a pet. Criminals can start to make educated guesses about these passwords just by looking in your home mailbox and seeing which bank you use. If you have a detailed Facebook page, criminals get even more, as the personal information contains hints-a-plenty about the words which are to stick in your memory and therefore become a likely password.

      Safer than passwords

      Because passwords can be so easily be deduced or stolen, passwords alone are now well and truly out of fashion. The alternative is “two-factor authentication,” a technology that relies on something you know and something you have to prove who you are when logging on.

      The “something you know” part of the equation is simple, as this is your password. In theory only you know it, so this is reasonably secure. The “thing you have” is called a “token” and is usually a small device that flashes up random series of numbers.

      The token comes into play when you try to log in to a computer or online service. As always, you enter your user ID or customer number and then your password. After this step, you enter the random number from your token. Software operating at the service you are trying to log into knows that you have a token and also knows the random number it should be displaying at any particular time. You will therefore be asked to enter the number on the token as an additional proof of your identity.

      A variant of this system in favour with several Australian banks sees you sign up to have special codes sent as SMS messages to your phone. After you enter your password, you will receive an SMS with a special code that only works for a few moments. Enter the code and you will be logged in to internet banking, as the bank is satisfied that you have proved your identity – given the low likelihood of someone knowing your password and having access to your mobile.

      Two-factor authentication of this sort is safer than a password alone because it is all-but impossible to deduce your random number. Moreover, the random number changes very often, making this a much safer way to log on to online services.

      Speak to me

      Two-factor authentication can also use your body to prove who you are. Fingerprint readers are now built into many laptop computers and provide an even more secure method of logging in. Some tokens even come with a fingerprint reader, for an extra layer of protection.

      Another increasingly popular method of logging in is voice identification, a method that sees you speak a pre-determined pass-phrase into a phone so that computers can identify the phrase and the subtle nuances in each individual’s voice that can identify them

      My Business has learned that at least one of the big four banks intends to adopt this technology by the end of 2008 for its telephone banking services.

      Two-factor authentication is most visibly deployed by banks, which do so because they are often liable to losses caused when hackers deduce a password and use it to steal.

      The technology is also used by thousands of businesses around the world because it is far more secure than using passwords alone to do things like logging on to a server over a virtual private network or using a web-based email system. If you want to give your team access to your server or email after hours, and that server contains sensitive information, you should therefore think about two-factor authentication.

      Happily, products exist that make it relatively simple for small business to adopt the technology. Security vendor RSA sells an “introduction pack” which, for $2124, includes all the software and tokens needed to start using two-factor authentication yourself. Another vendor, Secure Computing, sells tokens and software at $160 per user.

      Both systems will probably require professional help to install.

      How to create a strong password

      To create a strong password:

      • Make your password as long as possible
      • Mix letters, numerals and signals
      • Try not to use a word: simply replacing the letter “A” with 4 in a password like “4pple” is simple to decode
      • Don’t use elements of your name, address or company name as they are easy to guess
      • Don’t use the same password for every online service you use
      • Change the password every six months or so, just to be safe
      • Don’t write down your password

      By Simon Sharwood
      My Business, September 2008


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