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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      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


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