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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      Good Business is a numbers game

      In our financial control business we deal with many small businesses and the news seems to be somewhat patchy. Some businesses are coping well with the ‘downturn’, whereas some seem to have folded quite quickly. There are businesses that are basically sound and others will survive despite themselves. The second category may be lucky enough to be in a recession-proof business i.e. not involved in discretionary spending or affected by the building industry, financial industry etc.

      The strong businesses are those that are well-run and designed to withstand outside influences, or have factored in potential risks and have a plan to manage the situation. I heard of one business recently that had benefited greatly from the mining boom in WA of recent times - now their business has been hit by the radical and quick contraction in parts of the mining industry. The business owner was biting his nails, waiting for more orders to appear - which didn’t. This is not my idea of a well run business . My first questions would be what is he going to do about it, what alternatives are there to his traditional market, what else could he produce with the equipment he has invested in?

      The key area where the owners of strong businesses focus attention is on the numbers. These astute business owners know:

      Sales

      • The trend in sales figures and what impacts them.

      • Which products/services are profitable and which are not.

      • Which sales people are producing the best results in sales as well as profit.

      • Which jobs they made money on, which they lost money on and why.

      • Personnel productivity in a service or job based business i.e. how many hours they sold compared to those they paid for.

      • Which customers are contributing the most sales in profit

      • Key performance indicators for their specific business e.g. sales – per salesperson, per square meter of retail space, per customer etc

      • What to charge for their products and services in order to be profitable as well as competitive.

      Costs and Overheads

      • The true cost of their products and services and how they are trending

      • The exact amount of overheads and a comparison to budget - this enables them to take very quick action if the variance is not in their favour.

      Profitability

      • The gross profit or contribution to profit of various product/service lines or divisions of the business

      • Their gross profit percentage for the current month and year to date, as well as a comparison to previous periods. Some also compare against benchmarks for their industry

      • Net profitability every month, i.e. what’s left each month and for the year to date after deducting costs and overheads from the sales figure. The costs and overheads need to be relative to the sales, i.e. if you sell some software in a month you need to deduct the cost in the same month

      • Actual results compared to a budget of profit and loss, as well as a rolling forecast of actual results, compared to future projections, showing where they will be at the end of the year if projections are met, and

      • Their “Break-even” point i.e. how much they need to sell to cover costs and overheads without making a loss or profit. 

      Cash flow

      • Their stock level and the amount required to meet near and long term needs

      • The average stock turnover, i.e. how many days on average is stock sitting on the shelf waiting to be sold

      • Their Work in Progress Level and the average number of days jobs are in progress until they are finished or invoiced

      • The amounts outstanding to suppliers and the number of days on average they are taking to pay all suppliers

      • The amounts owed by customers and the number of days on average customers are taking to pay (this can vary greatly from the actual credit terms given to customers!)

      • The amount of tax due (GST/PAYG etc.) and if they will be able to pay it when due.

      • Forward projection of cashflow i.e. the future monthly bank balance based on assumptions of customer receipts and all payments due.  In tough times, this may need to be known on a weekly and even a daily basis, and

      • The dates when leases or lending facilities are due to end so they can plan for renewal or replacement. In some cases the biggest threat may be bankers tightening their requirements and not renewing or allowing the replacement of these credit facilities.  

      This may seem like a lot of information, but most of it is available from off-the-shelf accounting software - if properly set up. Some may need to be prepared by a trained financial professional. Many business owners are good at what they do, but are not necessarily skilled in financial reporting. Astute business owners recognise the benefits of gathering a team of complementary skilled people around them from whom they seek counsel and support to fortify and grow their business.

      Sue Hirst
      My Business, March 2009

      www.cadpartners.biz


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