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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      Your Land Value: A brief guide to the land valuation process

      Why is your land valued?

      Land values are used by local councils for rating and the Office of State Revenue (OSR) for managing land tax.

      Rating

      Land values are issued to councils for rating at least every four years. These land values are fixed for rating until new land values are issued to council.

      Land values are one factor used by councils in the calculation of a landowner’s rating liability. Increases in land values do not necessarily lead to similar increases in rates. If you would like more information on the determination of your rates you should contact your council.

      Land Tax

      The Valuer General supplies land values to the Office of State Revenue (OSR) each year. The OSR manages land tax and issues land tax assessments to registered, liable landowners. The OSR use land values to determine taxable land value.

      If you own property in NSW that is not your principal place of residence or is not land used for primary production, you may be liable for land tax if the total value of land exceeds the land tax threshold. The threshold for 2010 is $376,000.

      What is land value?

      Land values in NSW are determined under the Valuation of Land Act 1916.

      Land value is the value of your land only. Land value does not include the value of your home or other structures and improvements on your land. However, works including clearing, filling, draining and retaining walls are included in your land value.

      When is your land valued?

      Land values are determined annually as at 1 July and reflect property market conditions at that time.

      Who values your land?

      The Valuer-General is responsible for providing fair and consistent land values for rating and taxing purposes. 

      Professional valuation contractors prepare land values for the Valuer General. Valuers from Land and Property Information (LPI), Land and Property Management Authority (LPMA), check the quality of land values before they are accepted and issued.

      How is your land valued?

      Most land is valued using the mass valuation approach, where properties are valued in groups called components. The properties in each component are similar or are expected to reflect changes in value in a similar way.

      Representative properties are selected from components and individually valued as at 1 July each year to determine how much the land value has changed from the previous year. This change is then applied to all properties in the component to determine their new land values. Sample valuations are then checked to confirm the accuracy of the new values.

      During the valuation process, valuers analyse sales of both vacant land and improved properties, making adjustments for the added value of improvements.

      The value of improvements is their worth as reflected by the real estate market in an area. The value of improvements is generally not equal to their replacement or insurance value.

      What factors are considered when valuing land?

      When comparing property sales to the land being valued, valuers consider factors such as:
      • property market conditions as at 1 July in the year of valuation
      • most valuable use for the land
      • location of the land
      • constraints on use such as zoning and heritage restrictions
      • land size, shape and land features, such as slope and soil type
      • nearby development and infrastructure
      • views.

      Concessions and/or allowances applying to your land under the Valuation of Land Act 1916 will be printed on your Notice of Valuation or land tax assessment.

      Factors such as personal circumstances, council rates and land tax liability are not considered when determining land value.

      How can you access your land value?

      Your Notice of Valuation shows the land value of your property. You receive your Notice of Valuation when new land values are issued to your council for rating purposes.

      You can access land values through the land value search facility on the LPMA website, www.lpma.nsw.gov.au or over the counter at LPI valuation offices. Strata owners can access both the land value for the site of the strata scheme and the proportional value for their lot based on unit entitlement.

      There is no fee for landowners to access their land values through the website for the valuing years 2007, 2008 and 2009. Other online land value searches and all land value searches obtained through an LPI valuation office incur a fee.

      If you are a registered land tax client, the land value(s) used to determine your 2010 land tax assessment will be recorded on the assessment notice. You can access the land value(s) at www.osr.nsw.gov.au.

      Can you have your land value reviewed?

      If you disagree with the land value on your Notice of Valuation or a land value included in your land tax assessment, you can lodge an objection with the Valuer General to have the land value reviewed.

      Information about objecting to your land value and lodging an objection online is available from the LPMA website, www.lpma.nsw.gov.au/valuation. Alternatively, landowners can request an objection kit, which includes an information booklet, valuation objection form and general valuation sales report by phoning 1800 110 038.

      Objections must be lodged using the valuation objection form or by using the online objection facility by the last date to object shown on your Notice of Valuation or not later than 60 days from the date of issue of your land tax assessment.

      NSW Land and Property Management Authority
      January 2010


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