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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      Steps to accelerate cash flow

      There is a lot more to getting paid than just asking for money. Getting paid is the result of a whole lot of other actions that flow through the business. Almost everyone involved in the business can have an impact on how quickly you get paid.

      Here is a summary of what to focus on to ensure you get paid as quickly as possible.

      1. Responsibility for getting paid starts with sales.

      Your sales team needs to understand your ‘Terms of Business’ and when to raise the subject of payment with customers. Any variations on contracts need to be documented and approved to avoid reasons not to pay for them. Allow in contracts for deposits and progress payments if possible.

      Customer dissatisfaction is a big ‘non-payment’ excuse, so not allowing this to occur is a must.

      2. Credit Risk

      This is a big issue right now with businesses folding and many struggling. You need to be confident of the financial health of customers. It is not unreasonable to ask to see customers’ financials… real estate landlords do!

      You’ll need a ‘Credit Application Form’ that ties in with your ‘terms of Business’ and meets the ‘Privacy Act’ ie you need authority to do the checking. Credit references can be useful but should not be relied upon alone, as you are probably going to be given selected good ones.

      It’s important to verify who new customers are. You should check their registered and trading name as well as ACN and ABN. Check the type of entity e.g. Company, partnership, sole trader, trust, as well as the registered address and primary business address and date of incorporation. If it’s an individual you are doing business with, check their date of birth and driver license number. If any of the information doesn’t match up or seems suspicious you need to investigate further and do not allow credit to go ahead.

      3. The process

      The place to begin is documentation of your process, so that everyone knows what is expected and understands the importance of each step. You want to avoid giving a customer any excuse at all not to pay you.

      In service industries the Project Manager must work to ensure that the client is happy with quality and progress of work. It helps to get a project complete on jobs and the amount of proposed progress invoices.

      4. Invoicing

      The most vital point about invoicing is to get it done ASAP. Why give a customer an extra 20-30 days of credit? If possible arrange for invoices to be sent with goods and invoice progress payments on jobs/services.

      Have a system for immediately invoicing services. Follow up on major invoices to ensure the client has received the invoice. Invoices can often be delayed by the authorisation process, or by going astray.

      Professional looking invoices get taken more seriously. Make sure they contain all the information such as right entity name, right address or location/branch. The date of invoice and credit terms need to be highlighted, and including the ‘due date’ helps to avoid any misinterpretation. Including a purchase order or works order number helps too. Simple wording on the invoice about what it is for, will save time in unnecessary investigation, as will stating the name of the person who placed the order.

      5. Payment

      Getting deposits and progress payments on big orders or jobs is the best way to reduce your outstanding Accounts Receivables. Providing as many ways to pay as possible is going to speed things up such as Internet banking, Bpay and credit cards. Credit cards can be a contentious issue, but paying merchant fees can cost less than waiting 90 days for a cheque to appear.

      You can offer early payment discounts so long as it doesn’t eat up all the profit. If customers are struggling, the sooner you make arrangements to pay amounts off, the sooner the debt is paid. If a customer exceeds their terms you can offer Cash On Delivery terms until the account is back in line.

      6. Reminders

      In order to remind customers when to pay you need a system to let you know when they are due. A series of email messages, depending upon the time overdue with relevant wording is useful.

      Statements with hand written notes on them or personal emailed messages can personalise the issue and get your payment ahead of others. You can even include marketing messages on statements to let customers know of other goods/services available.

      Often payments are waiting for a telephone call. I would strongly recommend having one person and a good system for tracking excuses and promises of payment.

      Timing of reminders should be when payments are due or promised. Don’t assume customers will remember. Always be courteous and polite in follow-ups, as you want to keep working with customers, so long as they aren’t habitual poor payers.

      7. Reposting and Reconciliations

      Accounts Receivables needs to be put on management meeting agendas, so it doesn’t get forgotten.

      A great target or Key Performance Indicator for Accounts Receivables is ‘Accounts Receivable Days’. This is not to be confused with the terms you offer customers. The ‘Accounts Receivable Days’ is the average number of days that all customers are taking to pay you and is calculated as follows:

      Accounts Receivable Days = Accounts Receivable/Revenue x Time Period.

      Eg

      Accounts Receivables  = $150,000
      Revenue   = $800,000
      Time Period    = $365 Days
      150,000/800,000 x 364  = 68

      This example shows that a business with Revenue of $800,000 and Accounts Receivables of $150,000 is taking, on average, 68 days to collect payment from its customers. This may come as quite a surprise if the stated terms are 30 days!

      This is a very simple number to target and graph so the person responsible and managers can see performance.

      8. The Debt Collector

      When all else fails don’t be afraid to send in the debt collector. I have seen many recoverable debts get simply ignored for want of the services of a reputable collector. It doesn’t have to mean the end of your relationship with the customer, as good collectors are polite and professional.

      9. Debtor Finance

      This may be a good short-term option as it can be expensive and you don’t want to erode all your profit. You may not have to include all of your Accounts Receivables and it can be a useful option to get over a ‘hump’. You can finance Receivables either publicly or privately, ie noted on invoices/statements or handled in the background.

      10. Develop Key Performance Indicators for Accounts Receivables

      Making Key Performance Indicators the responsibility of particular individuals and teams is a great way to start. You can then follow up on them at performance reviews. Examples of KPIs are billings within a number of days, Accounts Receivable Days and number of disputed invoices.

      If you can entrench these steps into your business system you will find Accounts Receivables less of a hassle and improved cash flow for your business will be the result.

      Sue Hirst
      My Business, June, 2009

      www.cadpartners.biz


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