Residents: Personal tax rates and thresholds

These rates apply to individuals who are Australian residents for tax purposes: 

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.   

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…

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…

Private Health Insurance Rebate 2024

Private Health Insurance Rebate 2023/24The private health cover rebate changed on 1 July 2023:It is income tested on a single income or family income basis.The…

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…

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…

Division 293 Tax Explained

What is Division 293 Tax?The Division 293 tax was introduced on 1 July 2012 for individuals with an annual income greater than a threshold of $300,000, in an effort to…

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…

Residents: Personal tax rates and thresholds

These rates apply to individuals who are Australian residents for tax purposes: 

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.   

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…

BAS Lodgements 2021-2022

The lodgement program due dates for the 2021 - 2022 financial year are listed below for all quarterly and monthly activity statements, including PAYG withholding payments. Please note the different…

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…

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…

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•…

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…

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…

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…

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…

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…

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…

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…

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…

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…

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…

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…

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…

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…

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,…

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…

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…

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…

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…

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…

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…

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.…

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…

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…

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…

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…

Understanding the Low & Middle-Income Tax Offset

As announced in this year’s Budget, the Low and Middle-Income Tax Offset (LAMITO) has come into effect from 1 July, and this has led to some confusion regarding tax rates…

Simplifying the Process of Investing in Shares

Guide to Exchange Traded Funds (ETFs) and Listed Investment Companies (LICs)If you are looking to invest in the share market and want a range of diversified investments that spread your…

ATO Focus on Shares & Capital Gains

This year, the ATO has announced it will be focusing on taxpayers who have sold or transferred shares and the amounts reported as capital gains or losses or their tax…

Redraw Facilities vs Offset Accounts

First Home BuyerAs 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…

End of Financial Year Prep - Businesses & Employers

EquipmentIf you are thinking of upgrading or purchasing new business-related equipment soon, you can do this before 30 June and include the cost as a deduction on the 2018 tax…

End of Financial Year Prep - Individuals

Super Contributions The threshold this year for pre-tax or concessional super contributions is $25,000. This includes the 9.5% super guarantee contributed by an employer and any salary sacrifice contributions made…

Personal Superannuation Contributions

Advice from financial planner Martin Reyment:Currently almost all tax-payers can make a private, personal contribution into their superannuation fund and claim the contribution as a personal deduction in their tax…

Changes to Trading Names Register

In May 2012 a new national business name register was introduced through ASIC, replacing the trading name registers previously managed separately by each state and territory. There has been a…

Budget 2018 Highlights

Budget night 2018 has brought with it some unexpected announcements and a few predicted proposals by the government. At the moment all of the below are still proposals and have…

Budget 2018 - Changes Affecting Business Taxpayers

Extension to the $20,000 instant asset write off The government will extend the current instant asset write-off (or accelerated depreciation) for small business entities by a further 12 months to…

Budget 2018 - Changes Affecting Individual Taxpayers

Personal Income Tax PlanThe government has announced a three-step Personal Income Tax plan, that will be introduced over 7 years. Step 1 is targeted tax relief to low and middle-income earners…

ATO Focus on Work-Related Expenses

This year the ATO is paying close attention to the work-related deductions included on individual tax returns.  Before you include claims for work-related expenses you need to make sure they…

Changes to the Small Business Super Clearing House

The way you access the Small Business Superannuation Clearing House (SBSCH) has now changed. As of 26th February, the SBSCH is only available for access through one of the ATO…

Focus on Motor Vehicle Claims

Due to a crackdown by the ATO on motor vehicle claims, we are encouraging all clients who claim motor vehicle use in their tax returns to make sure they have…

Changes to Rental Property Deductions

Changes have been made to the allowable deductions for rental properties.The changes are two fold and take affect from the 1 July 2017:Depreciation:• Tax deductions for the decline in value…

Understanding the Medicare Levy, Medicare Levy Surcharge, Private Health Care Rebate & the NDIS Levy

The Medicare levy, Medicare Levy Surcharge, the Private Health Care Rebate and the new NDIS Levy are all items administered via the taxation system that are affected as your level…

Changes to the 457 Visa Program

The Temporary Work (Skilled) visa (subclass 457), also known as the 457 visa program, is a visa for foreign citizens. It "lets a skilled worker travel to Australia to work…