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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      Avoiding theft and fraud

      Failure to put any protective systems in place can leave small businesses wide open to being defrauded. Though there are many strategies in order to minimise these risks.

      Every business can suffer from theft and fraud. It can be in the form of tools, equipment, stock, stationary, cash or even time and fraud can be in the form of kickbacks, bogus vendors or personal purchases via the company – we’re all susceptible.

      In fact, small business is more vulnerable because there are usually no checks and protective systems in place and one person is often doing many of the duties. Prevention doesn’t have to be complicated, expensive or time consuming – it just requires some thought and pro-active attention to your business. Here are some ideas to help you deter theft and fraud:

      1. Have a clear culture, so that all staff know there is zero tolerance:  Be transparent that you have checks in place – your staff will know things are being closely monitored and it’s likely if they did the wrong thing, they’ll be caught. Lead by example and be honest in your dealings. If you steal then how can you expect your staff to follow your lead?

      2. Rotate staff and their duties:  Ensure staff have regular annual leave. One client of mine, a camera retailer, discovered a dramatic improvement in their profit during the month that an employee was on annual leave.

      3. Have appropriate segregation of duties: For example, the person in charge of purchasing should not be responsible for creditor payments. When one person does it all, opportunities arise for dishonest staff to act. This can be difficult for small businesses where there is only one staff member so you need to be careful in other ways if this is not an option for you.

      4. Have a reconciliation process, cash register dockets etc: Ensure when you deal in cash that the banking reconciles to the till dockets or taking sheets. Not only is this responsible from the fraud perspective, but the ATO also has an expectation that you have some reconciliation processes in place.

      5. Have suitable authorisation procedures in place: In respect of raising and signing cheques, purchases etc. In a small business, as there may not be a lot of staff, perhaps the business owner should be the authoriser.

      6. Computer systems: Should be used by authorised personnel only with access control, through methods such as pass-wording access. Does your system have “warning bells” such as credit limits being reached?

      7. Assets, inventory and stock are tracked and regular stock-takes occur: Even if you don’t have to stocktake for tax purposes, you should do so regularly, otherwise how will you know if stock is “walking” out the door?

      8. Conduct a random audit: Even if informal. Watch movements in your bank accounts and trust your instincts – most business owners do have good “gut” feelings about their business. Consider having an independent review by someone external and experienced, such as your accountant.

      9. Have suitable reporting: Watch debtor and credit listings and other reports, such as Profit & Loss, Balance sheet etc. Review regularly and frequently.

      10. Ensure your books are up to date: If they aren’t current, how can you possibly find anomalies?

      11. Be proactive: Personally look at your books and bank statements. Trust your instincts (they are probably right) and ask questions. Don’t allow your bookkeeper or staff member to make you feel guilty for asking questions. Any qualified, professional and honest bookkeeper or employee will encourage and support owner review.

      12. If you seem to never have any cash, but the business appears to be doing well, then investigate: It may be an error in the record keeping or an indicator that all is not well. Some ideas are:

      • Liaise with your suppliers personally to check all is OK and the account is up to date

      • Look for large, or numerous sale credits in your books

      • Look for large, or numerous purchase credits in your books; and

      • Look for supplier names or employees you don’t recognise.

      Some examples of fraud I have personally uncovered include:

      Bookkeeper sent letter to suppliers providing new bank details – her’s! She raised lots of large sales credits so when payments went to her bank account – the company debtors listing wasn’t large. Amount stolen –unknown

      Bookkeeper paid fake invoices to fake suppliers - except bank details were her own and that of her husband. Amount stolen - $400,000 plus.

      Bookkeeper made payments for real suppliers but instead of paying them, the funds went back into her bank account and she kept the statements and letters of demand and late notices hidden. Amount stolen - $100,000

      These are extreme examples that diligent business owners will avoid with a little common sense and keeping in the know. Remember that the majority of bookkeepers and staff are basically very honest, However, we should be prepared and forearmed for the occasional “bad apple”.

      Donna Strone
      My business, February 2009


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