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
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 »
Capital Gains Tax Issues
MAIN RESIDENCE CGT EXEMPTION
The dwelling in which you live will be exempt from CGT if you own it. The term “dwelling” includes a flat, home unit, caravan, house boat or other mobile home and includes the land on which it is built up to a maximum of two hectares.
If you have to leave your home for a period, but intend to return to it (for example, a move interstate or overseas for a few years), you can still claim the exemption provided you are not claiming any other residence as your residence. If you are renting out the premises the period should not exceed six years.
If you purchase vacant land and erect your main residence on it and actually live in the residence for at least three months, you can claim main residence exemption on the vacant land for a period of up to four years.
If you purchase a second home before disposing of the former, both residences can be taken to be the main residence for up to six months.
SMALL BUSINESS CGT EXEMPTION - ACTIVE ASSET
A 50% CGT active asset exemption is available on the disposal of all active assets of small businesses with net assets of up to $5 million.
This measure applies in addition to the 50% discount available to individuals and also in addition to the small business rollover relief or retirement exemption.
If you are an individual operating a small business you may be eligible for:
• The 50% CGT discount on the gain
• The 50% active asset exemption on the balance of the capital gain
• The remaining 25% of the gain can either be rolled over into replacement assets or be applied towards the retirement exemption (limit of $500,000).
The eligibility criteria are as follows:
• The asset must be an active asset (i.e. the asset is used in the course of carrying on your business or in the business of an associate)
• The net value of your group’s CGT assets do not exceed $6 million
• Where the entity disposing of the asset is a company or trust, from 1 July there must be a “significant individual” who has at least a 20% interest in the income or capital of the entity. Up to 30 June 2006 the “controlling individual” test (a 50% interest) applies
• Note that if the asset is a membership interest of an entity, at least 80% of the entity’s total assets must be active assets for at least half of the period that the assets were owned.
CAPITAL GAINS TAX ROLLOVERS
Many CGT rollovers are available, including:
1. Transfer of an asset from an individual, partnership or trust to a wholly-owned company. This rollover is useful if you are reorganising your investment structures.
2. Purchase of a replacement asset from moneys received as a result of the loss, destruction or compulsory acquisition of an asset.
3. The renewal or extension of a statutory license, including licenses granted for broadcasting, taxis, import and export quotas, fishing permits or quotas, oyster farming licenses, milk quotas, wool quotas and liquor licenses.
4. Conversion of ownership of a home unit or apartment into strata title ownership.
5. Exchange of shares in the same company. Allows you to change the share capital structure of your company, perhaps in preparation for introducing a new investor.
6. Interposing a new company. Allows you to interpose a new company between the shareholders and an existing company. This is also useful if you are contemplating introducing a new investor into the existing company.
7. Scrip-for-scrip takeovers. Takeovers of a company can be tax free to the shareholders to the extent the consideration received is shares in the purchaser company.
8. Transfer of all assets from a fixed trust to a company. This is not available for discretionary trusts.
9. Transfer of assets under a marriage breakdown settlement. This must be approved by a court. Although the Government has announced changes to extend this rollover relief.
Gill Minervini
Vaughan Kerr, Rachael Egan & Adele Te Wani
Mark Vellnagel
Lollie Meyerowitz
Junia Kerr
Dr Melinda Griffiths
