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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      Strategise your business

      Dominating the market you are in has less to do with the actual day-to-day operation of your business than you might think. In fact, dominating your market is largely about strategic planning. Forming a clear plan for the future is the key to achieving your business goals.

      Consider the following list looking at a business in terms of business direction and execution:

      1. Great direction, great execution
      2. Great operations, poor direction
      3. Great direction, poor execution
      4. Poor direction, and poor execution

      Where do you want, and need to be? Obviously you want to be number one. These are the Mcdonald’s and Apple Computers of the business world. Many start-up businesses are in the number three sphere – great concept and growing quickly but struggling to keep up and execute well.

      Many mature businesses find themselves at number two, their operations are in good order, but they are not innovating their business direction and as such are in danger of becoming obsolete. Xerox was a great example of a business that had reached maturity with 80 per cent or more of the photocopier market in the 1970’s and then along came Canon and reinvented the business model.

      Needless to say none of us want to be at position number four.

      Mission statement

      A mission statement is the foundation of any business. In many cases, customers never see this statement. It is a short document that sets out in very clear terms what the business is all about. A mission statement focuses internal attention on what sets your business apart from every other business in the market.

      While a mission statement will get you started on strategising your business, it’s not the whole picture. Determining a clear path to your overall goals and communicating the details of this path should follow.

      Those who choose to strategise their business will no doubt learn the term ‘GOSPA’. It stands for goals, objectives, strategies, plans and actions. When developing a strategy for your business, it will become your mantra. Following the GOSPA path involves taking calculated steps toward an overall goal, starting with a mission statement. Here’s what GOSPA means:

      • Goals. Goals, of course, set out a statement of intent without naming specific parameters. Where do you want the business to go? What are you trying to achieve?
      • Objectives. The next part of your strategy involves setting objectives. Every project or venture should involve tangible objectives that team members strive for. Rather than “increase sales”, an objective is clear and definite, such as “increase sales by five per cent before the end of the quarter”.
      • Strategies. Not surprisingly, developing actual strategies for reaching your goals is also a part of your overall business strategy. An objective-specific strategy should lay out exactly how you plan to reach that objective. The entire team should be involved in setting strategy. A brainstorming session with the team will give impressive collaborative results.
      • Plans. Plans take strategies one step further. You lay out specific steps to put in motion the strategies that will get you closer to your objectives. Everything starts falling into place during this step and the team understands what must be done to make the magic happen.
      • Actions. Finally, actions get the proverbial ball rolling. The team takes steps to carry out the plans and reach the objectives that were laid out.

      Unfortunately, the best-laid plans will fail to get your business off the ground if your critical success factors are not in place. What are the vital elements that must be present before you can achieve your goals?

      These can be anything from effective advertising to excellent customer service. In order to move forward and make a difference, your Critical Success Factors (CSFs) should be a top priority.

      The CSFs that you must master, differ based on your business concept, for example Avon’s business concept is based around their sales method. Therefore they need great sales systems, and sales people. Whereas McDonald’s business concept revolves around their stores, so they need stores on every corner.

      Once your plan is in action and you are making progress toward your goals, keeping track of that progress becomes a priority. Use key performance indicators (KPIs) to track how much closer you are to your goal today than you were yesterday. Key performance indicators are tangible measurements of progress. How much have profits risen? How many new customers have been obtained? When your plans are progressing, key performance indicators become a main focus. Monitoring them constantly allows you to catch variations and steer your plan back on course.

      You will find that management and daily operations are easier when a clear strategy has been laid out for the entire business. Instead of running on daily instructions or objectives, the entire workforce will work toward the bigger picture. You’ll then be free to focus on what you do best: growing your business to be the next big thing.

      Daniel Lock
      My Business, June, 2009


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