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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      First Home Saver Accounts

      If you are saving to buy or build your first home then you might want to consider a First Home Saver Account. These accounts offer a tax-effective way of saving through a combination of government contributions and concessional tax rates.

      The government will match any amounts deposited into your account with a 17% contribution, up to a certain limit each year. For the 2008-2009 financial year the government contributed on amounts deposited up to $5000. That is, if you deposited $5000 into your first home saver account the government contributed $850. This limit will be indexed over time.

      The tax incentive of a first home saver account is that you don’t pay tax on any account earnings. The account provider is liable to pay a 15% tax on earnings on your account, so you will not need to declare the interest or other earnings from contributions on your tax return. 

      The funds from a first home saver account can only be used to buy or build a home that you will live in for at least six months and only after you have saved for at least 4 years. If you open an account and then decide not to go ahead with buying or building your first home you will have to contribute the balance of your first home saver account to your superannuation fund.

      To be eligible to open one of these accounts you will need to meet all of the following conditions:

      • You must be aged between 18 and 65 years
      • You must have a tax file number
      • You must not have previously owned a home in Australia that has been your main residence, and
      • You must not have previously had a first home saver account.

      If you closed a first home saver account to use the funds for your first home but the purchase or construction did not eventuate you are able to open another first home saver account within six months of closing the first one.

      There is also a cooling off period of 14 days on these accounts. If you open an account and then decide not to proceed, you are eligible to open another first home saver account at a later date.

      If you previously owned a property that was for investment purposes only and was not your main place of residence then you are still eligible for a first home saver account. 

      First home saver accounts can only be held by individuals, you cannot hold a joint account. If you want to buy a home jointly you can use the funds from your first home saver account even if none of the other joint buyers have a first home saver account.

      To be eligible to receive the government 17% contribution you have to be an Australian resident for tax purposes for at least part of the financial year.

      The first home saver account does not impact on your eligibility for the First Home Owners Grant. However, you will need to apply for the grant separately to your saver account.

      As these accounts are not included on your tax returns they are not taken into account in the income or assets tests that apply to various government benefits such as the family tax benefit.

      When it comes time to buy or build your first home you will need to withdraw all the funds in your saver account, you can’t just withdraw some of the money. Once you have withdrawn the funds you must make the payment towards buying or building your first home within 6 months.

      If you don’t need all the money to buy or build a home you must contribute the balance of the account to your superannuation. Withdrawals after four years to buy a home or to contribute to your super are tax-free.

      If you use the funds for something other than buying or building your first home you may be liable for penalties.

      First home saver accounts are available from certain financial institutions. Banks and credit unions may offer a deposit style account, while super funds, life insurance companies and friendly societies may offer market linked investment accounts. Different financial institutions will offer different interest rates on your savings and charge different bank fees on these accounts.

      There is an overall account balance cap on first home saver accounts. Once your account exceeds the cap, you cannot make any further contributions, even if indexation increases the cap in later years. However, any interest earnings or government contributions can still be paid into the account. This cap was $75,000 for the 2008-2009 financial year and will be indexed periodically in $5000 increments.

      For further details about First Home Saver Accounts click on the link below to the ATO website: http://www.ato.gov.au/Individuals/pathway.asp?pc=001/002/066&cy=1


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