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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      Tax issues in working from home

      There are many advantages in working from home ranging from flexible hours to fewer overheads, but a good grasp of the tax and financial issues is important.

      The expenses of running a home based business need to be clearly separated from home and personal finances so that the owner can take a disciplined approach and clearly understand how well the business is performing.  It is not just a case of ensuring that personal expenses are not allocated to the business – there are many legitimate expenses that can be deducted from the business and these need to be properly understood.

      It’s a good idea to take steps to set up appropriate financial and accounting disciplines, such as:

      • Keep any business loans separate form private loans, to make it easier to determine which interest payments are tax-deductible.  This helps to avoid arguments with the Australian Taxation Office (ATO)

      • Maintain separate bank accounts for business and personal finances

      • Bank all business income promptly (including any received cash) to business account do that there is a clear trail showing the source of business income

      • Pre-determine your own bookkeeper or accountant. This allows owners to focus on what they do best; sets up a disciplined approach; and gives access to additional knowledge and help, and an extra level of discipline.

      • Get receipts for all expenditure, particularly payments in cash, so that costs can be recovered from the business as appropriate.

      • Know what costs can be allocated to the business - such as a proportion of rent, if you do not own your home and utilities.

      The ATO allows a range of expenses to be claimed if a portion of the home is being used as a place of business, as opposed to simply having an office to bring work home to from your main place of business.

      Working from home can also have capital gains tax (CGT) consequences for those who own their home and this needs to be understood and taken into account.  If certain tax deductions have been claimed in running a business, you will be taxed on the capital gains during the period that the property was used for business purposes when the property is sold, taking into account the percentage of the house devoted to business use. Therefore, before claiming tax deductions for occupancy costs such as council rates, land tax and mortgage interest, decide whether you are willing to take on the CGT liability.

      However, if the home is used to carry on a business (not just a home office), the CGT issues arise regardless of whether tax deductions are claimed for occupancy costs.

      Some tax deductions include:

      • Running costs (including electricity and heating) – the ATO allows claims on amounts representing the additional cost incurred on top of the cost that would normally have arisen without business use. This will usually be calculated based on the percentage of total floor area used and the percentage of business use of the relevant area

      • Telephone costs – where possible these costs should be specifically allocated between business and personal, eg identify business-related STD and mobile calls. Alternatively, a responsible and justifiable estimate can be used.

      • Internet charges – similarly, a reasonable estimate should be made of the percentage of business interest use, with allowance made for private use.

      • Cleaning – an appropriate portion may be claimed on the bases of the percentage of floor area used and the percentage of business use of the relevant area

      • Depreciation –The depreciation on any equipment or furniture used exclusively for business purposes, may be claimed in full. If the asset is used partly for business purposes, an appropriate share of the depreciation charge may be claimed.

      • Motor vehicle expenses – working from home means there will not be any home-to-work trips (which are private); therefore business trips (eg visiting clients) will form a higher percentage of total kilometers. This should allow business owners to claim a higher proportion of total car expenses.

      • Occupancy costs – these costs may include council and water rates, mortgage interest, rent, and house insurance premiums, claimed on a floor area basis. However, claiming these may trigger CGT on sale of the property.

      • Capital allowance for building costs – where the house or unit has been constructed within the past 20 years, a capital allowance may be available at the rate of 2.5 per cent p.a. prime cost on the original building costs, apportioned for the percentage of business use; and

      • GST input tax credits (ITC) – where GST is included in any of the costs listed above, the approach for determining the portion of the ITC to claim is essentially the same as for calculation the tax deductible amount.

      Peter Bembrick
      My Business, February 2009


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