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:
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.
read more »
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…
read more »
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 »
Redraw Facilities vs Offset Accounts
First Home Buyer
As a first home buyer, getting your head around all the different loan products and features can be tricky. In this article, we explain two of the key features you’ll want to know about when choosing your home loan – redraw facilities and offset accounts. These gems can help you manage your cash, potentially save on interest and pay off your home loan sooner. Best of all – you can use both, or either to help save and manage your money!
Redraw Facilities
A redraw facility can be attached to your home loan and allows you to contribute extra money towards you mortgage, then draw it back if needed. You can choose to make regular repayments above the minimum requirement or throw in the occasional lump sum. Any excess funds you contribute will reduce the balance of your loan and the amount of interest you pay.
Redraw facilities are a popular option for homeowners as they can help you to actively save, pay less in interest over the life of the loan, and potentially cut down on the time it takes to repay the mortgage. If you think you may have additional funds to contribute to your home loan, a redraw could be worthwhile.
The Pros:
- Redraw facilities can be an excellent savings tool. Actively save without locking up your funds indefinitely
- You’ll have an extra pool of cash at your disposal should you need it in the future. However, in the meantime, your money’s working to your advantage by reducing the amount of interest you’ll pay on your home loan
- By making extra repayments, you’ll not only reduce the interest you pay, you’ll potentially pay off your home loan sooner. Over time, the financial savings can be substantial.
The Cons:
- There may be withdrawal restrictions, for example with some lenders you may only be able to make a certain number of redraws a year. You may also have to apply in advance to access your money.
- You may be up for additional fees, such as a flat redraw activation fee, or fees per withdrawal. Speak to us and we’ll explain any costs involved. If you think you may make regular withdrawals, we can point you in the direction of lenders with unlimited, free redraws.
- There may a minimum redraw amount (for example, $500) or a maximum redraw amount.
Offset Accounts
An offset account is a transaction account that’s linked to your home loan. The money you have in this account is offset against your loan balance. In other words, you can reduce the amount of interest you pay on your mortgage and potentially pay off your loan faster.
Still confused? Here’s an example of an offset account in action. Say you have a $400,000 home loan and you deposit $20,000 into your offset account. Your lender will the charge interest on $380,000 instead of the whole loan amount. You’ll reap the rewards as long as that $20,000 sits in your offset account.
The Pros:
- You can potentially save thousands of dollars in interest and cut years off the term of your loan
- Your money is working harder for you in an offset account than it otherwise would in a regular savings account. How? By saving you interest on your loan!
- You won’t be stung with a tax bill for the interest you save with your offset account. Interest earned on a savings account may, on the other hand, be subject to tax.
- Borrowers can access their money freely and treat their offset account as a normal transaction account. Simply deposit your pay in there and pay bills as required or use it more as a savings account – the choice is yours.
- Offset accounts often come with ATM access, online banking and a credit card.
The Cons:
- There may be additional costs for an offset account, such as a monthly fee or an annual package fee. We can explain whether the costs are worth the savings you’ll make in your situation, so talk with us.
- As these accounts come with ATM access and card facilities, there is a greater potential for fraudulent transactions compared to redraw facilities
As you can see, when used correctly, both redraw facilities and offset accounts can be invaluable tools for helping you get ahead financially. If you’d like to find out more about which option may work best for you, please give us a call. We’re happy to answer any questions you may have and help you work out what’s right for you. We may even recommend going for both options – that is, keeping your spending money if an offset account, and tucking funds you’re unlikely to need into a mortgage with a redraw facility. Please get in touch today!
Gokee Arora
Mortgage Broker
iConnect Financial Alexandria
Gokee is available at gokee.arora@iconnectfinancial.com.au or by phone on 0424 952 673. You can also check out iConnect Financial here.
Subject to lenders terms and conditions, fee and charges and eligibility criteria apply.
This article provides general information only and has been prepared without taking into account your objectives, financial situation or needs. We recommend that you consider whether it is appropriate for your circumstances. Your full financial situation will need to be reviewed prior to acceptance of any offer or product. This article does not constitute legal, tax or financial advice and you should always seek professional advice in relation to your individual circumstances. Subject to lenders terms and conditions, fees and charges and eligibility criteria apply.
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