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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      Sticking to the fundamentals

      Small businesses should brace themselves for an economic slowdown in the wake of turmoil in international finance markets and a decrease in the value of the Australian dollar. They should be keeping a close watch on cash flow, considering the most appropriate finance options and improving administration processes.

      In the rush to grow, it is often the fundamental business practices -  such as getting sound credit control procedures in place – that are left at the bottom of the ‘to do’ list, yet growing companies are the most hungry for cash flow funding.

      Tight credit conditions and the slowing economy are forcing businesses to stretch payment terms well beyond limit, placing a major strain on businesses already feeling the pinch from high fuel costs and higher costs of finance.

      So in this environment, businesses should go through a 10 point checklist designed to help small businesses get their houses in order.

      Get back to basics

      Bookkeeping does not make your paperwork more complicated - it makes it easier. If your office is full of heaps of paper and collapsing shelves, and computer files are disorganised, then sort out your systems. You need a system to store your purchase and sales invoices, a petty cash system and a cashbook to summarise all the information. Importantly, keep your bank statements safe as they are a record of your payments and receipts.

      Invoice on time

      It makes sense if you do not invoice on time, your customers will not pay you on time. Keep a record of all ongoing projects so that it will be easy to raise an accurate invoice. Always ask your customer for a purchase order number and quote that on your invoice. Finally, raise the invoice immediately after the job is finished and be very clear about your payment terms.

      Take control of your credit control

      Very few people enjoy getting tough on credit control but it is vital to the success of your business. Perform credit checks on new customers and set sensible credit limits. If your customers start delaying payment, call them just before payment is due. If they make a part payment, acknowledge receipt of this but ask for the balance. If your customer queries one item on an invoice, insist on full payment of the rest of the order. Finally, if in doubt, stop all credit until payment is received. Obviously, key relationships will need to be maintained and the approach will vary from client to client.

      Always check the credit status of a new customer

      Risks must not be underestimated in the enthusiasm of taking on a new business. Credit checks can be done quickly and are relatively inexpensive. It is important to establish the correct business title, together with it’s legal status (Ie. limited company, sole trader etc.) before seeking reports from agencies or trade references.

      Chase overdue accounts regularly and take prompt action

      Follow up overdue accounts by telephone. Check customers have received invoices and that there are no queries. Deal with the same person each time you contact the company and make the largest outstanding debts your priority. Send out statements monthly. Do not wait until the end of the month before invoicing if you can, send out invoices at the same time you send out goods or deliver a service.

      Look at more flexible funding options such as Debtor Finance

      Is your business funded in a way that will carry you through temporary difficulties whilst simultaneously allowing you to take advantage of growth opportunities? If you are stuck with a bank overdraft that is repayable on demand, look at more flexible methods of funding.

      The debtor finance, or factoring, frees up your cash by giving you access to up to 80 per cent of the value of an invoice as soon as you raise it, with the balance, less a small fee, returned to you when the customer pays the invoice, giving you better control over cash whilst allowing you to keep customer payment terms the same. In addition, asset finance packages can allow you to pay for essential equipment over time, so that your cash is kept liquid.

      Review your suppliers

      The next step in your annual overhaul should be to review the prices all your suppliers are charging you. Think what affect a five or 10 per cent reduction in costs could have on your profits. Many companies get familiar with suppliers and forget to push them for bulk, early settlement or loyalty discounts. Take a look at what new suppliers would charge you – you will soon know if you are paying a fair price.

      Dust off your business plan

      When you launched your company, chances are that you worked hard to produce a winning business plan. Have you ever looked at it since? Review it now! If things have changed since you made your plan, ask yourself why. What have you learnt? Crucially, were your financial forecasts accurate and are you still budgeting effectively?

      Sort out your tax return – before the deadline

      With an accountant on board and a well-organised office, completing your tax return should look a lot less daunting. Rather than waiting until the deadline looms, resolve to complete your return, your accountant will need full records of your financial transactions for the year that just ended.

      Greg Charlwood
      My Business, March 2009


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