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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      More Impacts of the new IR Legislation

      With the assistance of IR/HR consulting firm, HR Navigation, My Business continues its series on the implications for businesses of the new Fair Work legislation. The Fair Work Act re-opens the workplace to third party intervention and changes the unfair dismissal landscape for many employees. Employers need to consider the following changes and strategise how best to manage the changes for their individual business.

      Unfair Dismissal

      As of 1st July 2009, ‘Work-Choices’ exemptions with regard to unfair dismissal are gone, including the exemption to small and medium businesses with fewer than 100 employees. Businesses that fit the definition of a small business will have a 12 month qualifying period in which they can dismiss employees free from unfair dismissal, while those that do not meet the Fair Work definition of a small business will have a six month qualifying period.

      Note this qualifying period is from the employee’s commencement date, it is not a grace period. After the relevant qualifying period, the full strength of unfair dismissal laws will be active.

      From the 1st July 2009, the threshold used to define a small business for the purposes of applying the unfair dismissal arrangement is based on the business having less than 15 full-time equivalent employees. To determine if your business falls in this definition a business owner will have to perform a “full time equivalent” calculation.

      This calculation is done by averaging the ordinary hours worked by all employees in the business over the four week period immediately prior to the employees’ termination, and dividing that by 38, being ordinary weekly hours. From 1st January 2011, the threshold used to define a small business for the purpose of applying the unfair dismissal arrangements will be based on a simple headcount of 15 employees.

      Fair Dismissal Code

      Small businesses will have to adhere to the ‘Fair Dismissal Code’. This is a checklist in which employers will be required to tick ALL the boxes in order for the dismissal to be deemed fair should it fall outside the qualifying period. The form includes delicate language like “employer believes on reasonable grounds”, “employee’s conduct is sufficiently serious” and “valid reason”.

      Whether or not the employer’s belief is reasonable or their reason is valid, or whether the employee’s conduct is sufficiently serious, can and will be tested by the new super-body, ‘Fair Work Australia’ (FWA).

      Redundancy

      Redundancy also receives attention under the new legislation. The selection process for redundancies becomes relevant. The Act states that the selection should take place according to criteria such as skills, qualifications, responsibilities. It must be transparent and fairly applied otherwise it could give rise to discrimination claims.

      For the first time employees will have a statutory entitlement to severance pay with the Act containing tables outlining minimum entitlements. There will be some exemptions from the obligation to pay severance pay. These include where the employee has less than 12 months’ continuous service with the employer immediately prior to the time of termination, or at the time the person was given notice of the termination, or where the employer is a small business employer which is defined as an employer which employs fewer than 15 employees at that particular time.

      Transmission of Business

      Under WorkChoices, a new employer was bound by the previous employer’s workplace agreements and/or any applicable industrial instruments (awards) for a period of 12 months, after which time the new employer’s industrial instrument would then apply. However, under the Fair Work Act there will no longer be a time limit on the application of the transferred instruments and they will instead transfer indefinitely.

      Good Faith Bargaining

      Collective Bargaining will be once again given preference. Should it be the case that even a single employee of your business is a trade union member, and convinces the majority of the merits of having a trade union negotiate on their behalf, you will be required by law to negotiate with the union. The Act also dictates the good faith bargaining requirements to be met. These include attending meetings, disclosing relevant information, giving genuine consideration and responding to proposals, and refraining from capricious or unfair conduct that undermines freedom of association or collective bargaining.

      Fair Work Australia

      Fair Work Australia will become the industrial ‘quik-e-mart’ for Australian employers and employees. The super-body will replace the Australian Industrial Relations Commission, Australian Fair Pay Commission and Workplace Authority.

      Its powers will include determining unfair dismissal applications, resolving workplace disputes, enforcing good faith bargaining and developing guidelines to assist employers and employees in implementing ‘family friendly’ work practices. The Workplace Ombudsman will be renamed the Fair Work Ombudsman and will also form part of this super body.

      Role of Trade Unions

      Right of entry rules enable permit-holders, normally union officials, to enter workplaces to investigate suspected contraventions of relevant legislation or industrial instruments, and to hold discussions with interested employees. Under Work Choices, these rights were significantly restricted. The new Act, however, permits the holding of discussions with employees at workplaces, so long as the workplace has employees whose industrial interests the permit holder’s union can represent. It is irrelevant if the employees are not at that time paid up union members.

      Permit-holders also have expanded rights to inspect employee records when they investigate suspected contraventions. Under Work Choices, permit holders could not inspect non-member records. The new Act, however, enables permit-holders to inspect and/or make copies of any records or documents relevant to the suspected breach, irrespective of the nature of the records.

      As a concession to concerns about the privacy of employee records, the Government will appoint a Privacy Commissioner to ensure workers privacy is maintained. This adds another level of bureaucracy as businesses are concerned about over-zealous unions exploiting the opportunity of unfettered access to non union members’ pay records for political means.

      National Employment Standards

      Industrial awards are set to be revolutionised. Currently there are over 4000 industrial awards. Effective 1st January 2010, there will only be less than 100. Employers will have to ensure their contracts or arrangements reflect the changes in these new awards. Failure to respond to changes in the award could mean you underpay or deny entitlements to employees who would have your business at risk of complaints and investigations.

      From 1st January, 2010, new National Employment Standards will also be introduced, these include:
      1. Maximum 38 hours per week plus ‘reasonable’ additional working hours
      2. Request for flexible working arrangements
      3. 12 months unpaid parental leave and related entitlements and option for an additional 12 months unpaid parental leave
      4. 4 weeks paid annual leave
      5. 10 days Personal/Carer’s leave and two days compassionate leave
      6. Community service leave
      7. Long service leave
      8. Public holidays
      9. Notice of termination and redundancy pay
      10. Fair Work Information Statement.

      Flexibility Agreements

      The new ‘modern’ awards will provide for a level of flexibility via the use of a flexibility clause which will allow an employer and employee to come to an alternate agreement regarding:

      • arrangements for when work is performed
      • overtime rates
      • penalty rates
      • allowances; and
      • leave loading.

      However, there will be strict conditions for these ‘flexibility’ agreements and an employee cannot be coerced into signing an agreement nor can it result in an overall reduction in terms and conditions for the employee. Flexibility Agreements must:

      • be set out in writing
      • be signed by each party
      • state each and every term of the award that is being varied
      • detail in what way the term is varied; and
      • detail exactly how it does not disadvantage the employee.

      Verbal arrangements or simple one line arrangements in a letter of offer to employee will not be permissible.

      Businesses need to not only consider the changes, but ensure that they are operating legally.

      Robyn Anderson
      My Business
      Aug 2009


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