Our Info Base is a collection of fact sheets, templates, downloadable forms, lodgement checklists, taxation details and other relevant information.
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Resources
INFO BASE
Individuals
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-Foreign Resident Individual income tax rates
read more »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…
read more »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…
read more »Private Health Insurance Rebate 2024/25
Private Health Insurance Rebate 2024/25The private health cover rebate changed on 1 July 2024:
read more »The Medicare Levy, Medicare Levy Surcharge & Private Health Care Rebate 2025
The Medicare Levy, Medicare Levy Surcharge (MLS), and Private Health Care Rebate are all administered through the taxation system and are affected by your level of taxable income.…
read more »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…
read more »Investment Properties - things to do, items to keep
When purchasing a property for investment purposes or changing the status of your main residence to an investment property there are several important steps you should take and documents you…
read more »How Cryptocurrency impacts your tax return
Cryptocurrencies emerged as the first digital currency to be used as an alternative for the…
read more »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…
read more »A Guide to HECS-HELP
What do you need to know about HECS-HELP? The Higher Education Loan Program (HELP, formerly known as HECS) is an Australian government scheme that helps students…
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Tax Rates
Residents: Personal tax rates and thresholds
These rates apply to individuals who are Australian residents for tax purposes:Income…
read more »Non-Residents: Personal tax rates
Non-Foreign Resident Individual income tax rates
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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Checklists and Downloads
The AFYF Document Portal
You may have noticed access to our old Portal is no longer active. We have been rolling out our new system over the past months, which also includes a…
read more »Personal Tax Return Checklist
All documents for your tax return can now be sent to us via your client portal, using the upload function. Please get in touch if you'd like instructions on how…
read more »Company & Partnership Tax Return Checklist
All documents for your tax return can now be sent to us via your client portal, using the upload function. Please get in touch…
read more »Superfund Tax Return Checklist
All documents for your tax return can now be sent to us via your client portal, using the upload function. Please get in touch…
read more »Trusts Tax Return Checklist
All documents for your tax return can now be sent to us via your client portal, using the upload function. Please get in touch…
read more »Rental Property Income Tax Return Checklist
Income · Rental income …
read more »Business Income & Expenses Spreadsheet
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…
read more »Motor Vehicle Expenses Spreadsheet
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…
read more »Motor Vehicle Logbook Template
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…
read more »Share Register Spreadsheet
This spreadsheet is a useful tool for recording your share purchases, sales and transfers. Keep track of share values over time and record the details necessary for capital gain or loss calculations…
read more »Procedures for XERO
If you’re ready to make the switch over to Xero and ready to invite us to your data file now, please download the PDF below for the instructions.
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Superannuation
The Super Guarantee Charge (SGC)
The SGC is a penalty charge that applies to employers who don’t pay the minimum amount of super guarantee (SG) for their employees to the correct fund by the…
read more »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…
read more »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…
read more »Audit Requirements
Below is the list of details needed for the annual audit of your SMSF:A copy…
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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…
read more »Templates - Power of Attorney, Enduring Guardianship, Advanced Care Directive
There may come a time in your life when you need someone to make imortant decisions for you, whether it is in regards to your health, living situation or your…
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Starting a New Business
10 Most Important Things for New Businesses
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…
read more »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…
read more »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…
read more »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,…
read more »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…
read more »Family (Discretionary) Trusts - Pros & Cons
You can use a family (discretionary) trust to facilitate investments, hold assets or as structure to facilitate the operation and ownership of a business. Trusts are often favoured for asset…
read more »Understanding ASIC: Your Business's Regulatory Guide
Australian Securities and Investments Commission (ASIC) is an independent Australian government body that regulates Australian corporations, financial markets, consumer credit, and financial services. Their…
read more »Director ID Application Process
A Director ID is a unique (15-digit) identifier that a director will keep forever, even if you cease being a director. If you are a director of multiple companies, you…
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BAS & GST
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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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…
read more »Reviewing your Small Business
Reviewing your small business practices and position is an integral part of running a business, particularly as it expands.Below is a checklist put together by the ATO to help you…
read more »
Employing People
Checklist for Employers
1. Check Fair Work conditions Before you employ someone, you should read through the National Employment Standards as set out by Fair Work to ensure you can meet the necessary requirements.…
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…
read more »Contracts & Letters of Offer with Example Templates
Contracts or letters of offer are important aspects when hiring a new employee as they outline the terms and conditions of the job being offered.Try to include as much detail…
read more »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…
read more »How Single Touch Payroll impacts Employers & Employees
Single Touch Payroll (STP) has revolutionised how Australian employers report employee payroll information to the ATO. Introduced in stages, STP’s rollout began in July 2018 for larger employers (20+ employees)…
read more »
Ten good reasons to back yourself
Do you have one good reason why you should expand or go into business for yourself - even if the ‘sky is falling’ in this economy? Right now is absolutely the best time to get into business, and here are 10 good reasons ‘why’ – no matter what other people or the media say.
So how come a good reason ‘why’, (or 10 good reasons) is so important? Seeding your mind with good rational reasons to answer the ‘why’ question not only helps the logical side of your brain accept new beliefs – you’ll soon discover you’ll begin to see all situations as opportunities, just like great entrepreneurs do.
So here are the 10 very good reasons to start your business right now;
1. Everything is cheaper – There is great value right now in this and in world markets. This is the right time for fantastic deals in virtually every category from land and equipment to commercial office space and labour. Some people have waited years to find value in these markets – and now that time has come
2. You can hire more team and better qualified people - In an era when even Microsoft is laying off, you can find great resources at affordable rates. Thinking about getting your high-tech start up off the ground? There’s no better time than right now. Thinking about forming a professional services firm? There are plenty of engineers, accountants and attorneys looking for their next opportunity.
3. People are looking to change suppliers – From a cost perspective, everything is ‘on the table’ for most companies. If you can come in with greater value, even if your prices are higher, you can have a good chance of winning new business. You also have the advantage of being the ‘new kid on the block’ when it comes to pitching your products and services, and many companies are desperate to find new partnerships with new companies with a different, better or more innovative way of delivering those products and services.
4. Ownership equals tax incentives – Business ownership offers a variety of tax benefits that aren’t available to employees. While taxes should never be the sole reason to go into business for yourself, it should be one reason to add to your ‘benefits of business ownership’ list.
5. Family and friends don’t want to invest more money into the stock or real estate markets – That means they may be willing to finance a portion of your new venture, or the expansion of an enterprise that has proven itself over time. The main benefit is that they know you and have a relationship with you – and if you have a solid business plan that delivers real numbers, your chances of raising the capital increase exponentially.
6. Suppliers are giving better credit- Because the credit markets have virtually shut down, the business-to-business credit flows are keeping money circulating out of sheer necessity. That means a bullish outlook for companies looking for good terms on stock and/or inventories. The main advantage is that all parties have more incentive than ever for finding true ‘win-win’ situations that allow for cash and stock flow.
7. You can get good PR by showing you are ‘going against the trend’ – The media loves aberrations - and if you are optimistic by expanding or getting into business now, you would be in that category. That means you can generate some great PR by demonstrating your ‘alternative’ view of the market.
8. You can buy everything you need at auction - In addition to everything being less expensive, you can find great deals at auctions, especially in terms of any large equipment and office furnishings. Auctions are also a great place to find hardly used restaurant and bar supplies at great prices. These days, you may even be able to get deals on fleets of vehicles and trucks for a delivery service or hauling or construction company.
9. You can find great ‘low money’ or ‘no money’ down deals – This is simply being aware of good opportunities that others have mucked up, and finding deals where you could get an entire business simply by taking over a lease (along with all the equipment). Many business owners want out at “any cost”, meaning you can negotiate great “win-win” deals.
And finally…
10. You’ve lost your job and you have to do something- Sometimes, the best business decision is the one you are forced into, and the incentive (as well as need) for income is often enough to push those previously “on the fence” to strike out on their own. There’s nothing wrong with being in this position; it simply means there is greater urgency to do something that will start to generate income as quickly as possible.
So there you have it… a new kind of ‘Top 10’ list for those looking for good reasons to prosper and grow in this environment. After all, it’s not circumstances that truly define us, but rather how we react to those outside forces that ultimately determine our success.
Brad Sugars
My Business, March, 2009
Gill Minervini
Vaughan Kerr, Rachael Egan & Adele Te Wani
Mark Vellnagel
Lollie Meyerowitz
Junia Kerr
Dr Melinda Griffiths
