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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      • 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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      Accessing the new Investment Allowance

      On budget night the Federal Government announced that it would expand the Investment Allowance available for small business – ie. those businesses that have a turnover (including associates) of less than $2 million a year – by increasing the deduction available for these businesses from 30 per cent to 50 per cent of the cost of eligible assets.

      Small Businesses were also given extended time periods in which they could:

      Larger businesses (over $2M turnover) are still eligible for the previously announced Investment Allowance:

      If a taxpayer is a small business entity then the 50 per cent rate is relevant. A taxpayer is defined as a small business entity for the current income year if they carry on a business in that year and they carried on a business during the previous income year and their aggregated turnover for that year was less than $2 million and/or it is likely that their aggregated turnover is to be less than $2 million for the current income year.

      To qualify for the lower ‘new investment threshold’ (ie $1000 rather than $10,000) a taxpayer needs to be a small business entity for the income year in which they undertake new investment in an eligible asset, put that asset to use or claim the Tax Break. 

      Other taxpayers

      If a taxpayer is not a small business, then there are two rates which could apply ie 30 per cent or 10 per cent. 

      Summary Tables

       Installed by:New Investment by:
      31 December 2009
      30 June 200950% in 2008-09
      30 June 201050% in 2009-10
      31 December 201050% in 2010-11

            Table 1: Tax entitlements for small business entities. 

        New investment by:
      Installed by:30 June 200931 December 09
      30 June 200930% in 2008-09 
      30 June 201030% in 2009-1010% in 2009-10
      31 December 201010% in 2010-1110% in 2010-11

             Table 2: Tax entitlements for other taxpayers                  

      Self – constructed assets

      A taxpayer that chooses to ‘self-construct’ an eligible asset may also qualify for the Tax Break. Under amendments made to the Bill during its passage through Parliament, a taxpayer will be regarded as having started to construct an eligible asset when they first incur expenditure in respect of the construction of the asset or the modifications to an existing asset.

      This approach ensures that the test for self constructed assets is broadly analogous to the case where a taxpayer enters into a binding contract, while providing taxpayers with the certainty of an objective and verifiable test.

      For example

      Donaldson’s Dairy manufactures a range of milk and cheese products. In early 2009 the company starts to formulate plans to renovate one of its manufacturing plants. The project includes:

      1. Modifications to an existing tank; and
      2. The construction of a new conveyer belt.

      On 30 March 2009 the company engages an electrical firm to undertake the modifications to the tank at a cost of $15,000 rather than construct the modifications itself.

      Also on 30 March 2009 the company starts to order some of the materials it will need to construct the new conveyor belt and incurs expenditure in relation to the materials.

      On 20 July 2009 the company engages two contractors who will undertake the work on the new conveyor belt under the direction of the company’s chief engineer.

      The contractors do not physically commence work on the conveyor belt straight away. They spend a number of weeks undertaking further preparatory work and checking the company’s exact specifications for the asset to be constructed.

      The modifications to the tank are completed on 30 September 2009.Construction of the conveyor belt is completed, and the belt is installed ready for use, on 10 October 2009 at a total cost of $50,000.

      The company’s investment commitment time in relation to the tank is 30 March 2009 as this is when it entered into a contract in relation to modifications. The investment commitment time in relation to the conveyor belt is also 30 March 2009 as this is when the company first incurred expenditure in respect of the construction of the asset.

      If the company however, had not ordered the materials for the conveyer belt until the contractors were hired, then 20 July 2009 would be the investment commitment time for the conveyor belt (as that is when the company would have first incurred expenditure in respect of the construction of the conveyor belt) and the Investment Allowance would only be available at 10 per cent rate on the asset.

      Peter Braine
      My Business, June, 2009


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