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…

          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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      Stints abroad attract more tax

      A change in the rules means contract work overseas will be less appealing for Australians.

      Australians working overseas on "rotation" or short-term contracts are hurriedly redoing their household budgets and talking to their accountants about tax strategies after an exemption that applied to their foreign income disappeared as of July 1.

      Accountants specialising in expatriate tax work say others are packing their bags to move overseas because if they become non-residents they'll no longer come under the Australian tax system.

      A minority unwisely, in the advisers' opinion will be considering more "exotic" strategies to minimise or avoid Australian tax on income, which is treated more favourably in the places it is earned.

      The Federal Government announced in its May budget that Section 23AG of the Tax Act was to go. Under this section, Australian residents who worked overseas for at least 91 days in the tax year didn't have to pay Australian tax on the income they earned overseas as long as they were liable for tax in the country where they'd worked.

      These people typically work for Australian or foreign employers on mining, construction or oil and gas projects in places such as Dubai in the United Arab Emirates. They remain residents for tax purposes because they haven't permanently left the country.

      Rami Brass, Perth-based director of tax services with accounting firm RSM Bird Cameron, gives the hypothetical example of an Australian working on a gold mining project in the West African nation of Ghana and paying tax there at, say, 15 per cent. Under the old rules, the worker would have paid $15,000 in tax on the $100,000 he earned while on contract in Ghana.

      Under the new rules, he'll be assessed at his Australian tax rate and probably (if this isn't his only income) be liable for the top rate of 46.5 per cent on that $100,000, or $46,500. If he can prove he paid $15,000 tax in Ghana and that's easier said than done in some countries he'll have to pay a further $31,500 here. The outcome is that his net income from the contract will fall from $85,000 under the old rules to $53,500.

      "He's not going to be happy about that," Brass says. These people work rosters such as 42 days on, 21 days off, for 12 hours a day, and are away from their families for prolonged periods. He's going to say: 'For $53,500, I'm not going to do that."'

      Advisers say these workers have limited options: become a non-resident by moving overseas permanently, renegotiate their salary package, or find a job at home at a time when the Australian resources industry is being affected by the economic downturn.

      The director of Perth-based accounting firm M Squared, Peter Moltoni, says about half of his clients are affected by the rule change. Many are asking for advice on what it requires to become a tax non-resident. "Obviously, the ones with young families can't do it but the ones with more mature families are seriously looking at basing their homes elsewhere," he says.

      Brass says he knows of single workers heading for Singapore. Moltoni adds Thailand and Indonesia to the list of possible bases, along with Europe and the Middle East.

      To become a non-resident, an Australian has to leave the country permanently, the advisers say. "That doesn't mean forever but it does mean other than on a temporary basis," Brass says.

      A rule of thumb is that your intention must be to live for at least two years in a country where it's possible to qualify for permanent residency. You'll need to pack up your belongings and find a permanent home overseas. "You can't be living out of a hotel or a suitcase," Moltoni says.

      What if your family wants to stay in Australia? "A husband and wife are separate taxpayers so it's technically possible to have different tax residences," he says. "But the problem is proving that's the case."

      If you start going backwards and forwards, as you did when you were working contracts on a "fly in, fly out" basis, the Tax Commissioner will deem you a tax resident, Moltoni says.

      The Tax Office looks at whether you still have bank accounts, a car and property here, Moltoni says. "The less you have here, the greater the certainty you have in being a non-resident."

      If you satisfy the Tax Office, you'll be a non-resident for tax purposes from the day you step on the plane.

      For those who decide to stay in Australia, the options for softening the impact of the loss of 23AG are limited, the advisers say.

      The obvious step is to try to renegotiate your salary to compensate for the higher tax you'll be paying. This may or may not be possible, depending on how valuable you are to your employer and how much room they have to move.

      "If [the Government] had done this two years ago, I don't think that would have been an issue," Moltoni says. "But at the moment the oil and gas industry internationally is affected by the global financial crisis."

      The other option is to just stay at home, to simplify both your tax return and your life. "I was talking to a number of employers [at an oil and gas conference] and they've already had a number of requests from people to be relocated back on Australian rigs," Moltoni says.

      At the edges, some people may resort to questionable strategies such as having their pay go into an overseas bank account, and not declaring it, or taking part of their salary as cash, bringing it back to Australia bit by bit to stay under the $10,000 threshold where it must be reported to Customs.

      These tactics were employed to avoid tax in the days before the 23AG exemption and were one of the reasons the exemption was introduced, Moltoni says.

      In other byproducts of the rule change, workers will face higher bills from their tax agents because of the increased complexity of their tax returns, Brass says, as well as cash flow issues because of the differing tax years around the world.

      By Lesley Parker
      July 8, 2009, Sydney Morning Herald


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