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…

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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…

          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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      Polishing up your crystal ball

      The 2008/2009 financial year would have to be one of the most volatile for many years. What will 2009/2010 bring for SMEs? Some say it will be tougher and there will be great opportunities around. Whatever the next financial year brings, every business owner needs to plan for the worst and the best case scenario.

      We’re hearing that bankers are becoming more demanding about lending applications and the information they need to base a lending decision upon. If you are applying for new funding or have loans coming up for renewal, lenders are likely to want accurate projections and cashflows, as well as recent financial statements.

      Financial Statements: Your financial statements can make or break your lending application. Bankers will run your financials through a diagnostic to calculate the health of your business. This will include both the Profit and Loss Statement and the Balance Sheet. So it’s vital your financial statements are accurate. We occasionally see accounts with inaccurate treatment of transactions that can really throw out the validity of the reports and negatively impact a lending application.

      I would strongly recommend having your financials looked at by a professional prior to a lending application, to save time and disappointment.

      Projections: If you were lending someone money you would want to feel confident they had the capacity to repay the loan with interest. That’s how bankers look at the future of your business. They want to be sure the business is healthy currently and into the future.

      When the subject of Projections or Budgets is discussed with business owners we often get asked the question “I don’t know what I’m going to sell, so how can I do a projection?”

      Fixed costs: Where we recommend starting is with the fixed costs or overheads in the business. These are the costs that stay the same whether you sell anything or not, such as rent, administration/sales wages and leases etc.

      Variable costs: You then need to know your gross profit margin and calculate the sales you need to make to cover the overheads less the variable costs to make the sales. Variable costs are those that are only incurred when you sell a product or service such as direct labour, materials or product purchases.

      If you put this into a spreadsheet you can then play around with the level of sales to see how much profit would be made if sales increase or decrease. You can also factor seasonality into the projection.

      As well as a Profit and Loss Projection you will need a Balance Sheet Projection, so the lender can see the future health of that too. A business can look wonderfully profitable but if it isn’t managing receivables, payables, stock and job management etc. it can become an unhealthy proposition.

      Cashflow forecasts: A Cashflow Forecast is slightly different to a Projection as it combines all income, costs and overheads as well as movement in receivables, payables, stock and outstanding jobs, taxes and capital expenditure etc.

      The Cashflow Forecast is based on the cash flowing in and out of the business, whereas the Projection is based on the sales and expenses; which don’t always result in immediate cash movements ie you can make a sale but it may take as long as 90 days to get paid and you can purchase something but you may take as long as 90 days to pay for it.

      Peaks & troughs: The cashflow forecast enables you and a lender to see exactly the cash position of the business into the future. If there are peaks and troughs or if the cash position is moving in and out of positive territory you can manage the situation by collecting payments from customers more quickly or delaying purchases and payment to suppliers.

      Timing of capital purchases: You can factor in purchase of capital equipment at the right time so the cash isn’t negatively impacted. Payments you don’t generally have control over such as taxes and interest can be included and planned in advance so you aren’t scrambling around at the last minute to find the money to pay.

      What the banks want to know is really what every good business manager should know as a matter of course. Unfortunately we get busy handling the day-to-day issues and don’t find time to plan and prepare for the future.

      The current economic climate makes it absolutely vital to look into the future and prepare your business for increasing or declining revenues. You need to plan the resources you will need to fulfill the level of revenues expected.

      Sue Hirst
      My Business, May, 2009

      www.cadpartners.biz


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