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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          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…

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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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      • Newsletter Articles

          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…

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          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…

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          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…

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          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…

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          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…

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          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…

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          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…

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          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…

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          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…

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          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…

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          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…

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          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…

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          Stepping Out Program

          The Royal Commission into Childhood Sexual Abuse has raised awareness of a terrible side to humanity but, at the same time, shown the resilience of those who speak out. While…

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          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…

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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 and/or investment income outside of employment income, which results in tax payable on your most recent tax return.

      Paying PAYG Instalments assists you in meeting your tax obligations by allowing you to make smaller payments each quarter in advance, rather than having to make one lump sum payment at year end, when you lodge your annual tax return.

      All amounts paid in PAYG instalments through the year will become tax credits on your next tax return lodgement. If you haven’t paid enough tax through the year in your PAYG Instalments, then you will have to pay the balance owed, but if you have overpaid on your instalments, this will result in a credit and you may receive a refund.

      The instalments are separate to Pay As You Go (PAYG) Withholding, which is the tax withheld by employers on wages and salaries. The PAYG Withholding tax is shown on your annual PAYG Summary from your employer.

      Why have I been Registered for PAYG Instalments?

      The ATO bases the requirement for PAYG instalments on your last lodged tax return. Generally, for individuals, if you reported more than $4,000 in business or investment income in your latest tax return and the tax payable on your last notice of assessment was greater than $1,000, you will be registered in the PAYG instalment system.

      The ATO will notify you if this occurs, and the notification will include details on how often you will be required to pay and what the first instalment amount will be.

      When are PAYG Instalments Issued?

      PAYG instalments are generally issued and paid quarterly but you may also have the option of lodging an annual instalment or two instalments per year.

      If you are already registered for GST the PAYG instalments will become part of your regular BAS lodgements.

      How are PAYG Instalments Calculated?

      Your PAYG instalment will be calculated based on the information lodged in your most recent tax return. The ATO takes the amount earned from business and investment income from your last lodged tax return, then adds on the expected growth based on GDP and issues the PAYG instalments based on the result.

      On your first PAYG instalment issued for each financial year you will be able to choose between two options for calculating and paying your PAYG instalments – either by an instalment amount (option 1) or by an instalment rate (option 2).

      The instalment amount or option 1 is a flat amount calculated by the ATO, based on your last lodged tax return. If you choose to pay your PAYG instalments using option 1 and have no other obligations that require a BAS you will not need to lodge each PAYG instalment form, you will just need to pay the amount shown on the notice by the due date.

      Option 2 allows you to calculate your PAYG instalment based on your actual income for the instalment period multiplied by a rate set by the ATO. This will mean that your instalments are based on your income as you earn it, rather than a projection based on your last lodged tax return. Paying your instalments using option 2 means you will need to lodge the PAYG instalment form with the required information each quarter.

      Can PAYG Instalments be Varied?

      PAYG instalments can be varied up or down to suit your current income and cash flow situation, provided any variations are lodged before the instalment due date. The ATO discourages variations that result in a difference greater than 85% between what was paid in PAYG instalments through the year and the tax payable on your annual tax return.

      This means that you should not vary each instalment down to zero through the year and then end up with a tax bill once you lodge your tax return. In these circumstances the ATO may impose a general interest charge.

      How does your Tax Return impact your PAYG Instalment?

      The timing of your annual tax return lodgement can impact the PAYG instalment amounts issued by the ATO. This is because the ATO bases their PAYG instalment calculation on the last known details, i.e. your last lodged tax return.

      So, the earlier you lodge your tax return each year, the more accurate and up-to-date your PAYG instalments can be. As your business or investment income may increase from one year to the next, the ATO will be able to increase the next PAYG instalment issued, after you lodge these details in your annual tax return.

      If the ATO receives this information early in the tax year, they can make any necessary adjustments on future PAYG instalments so that your tax instalment payments are still spread evenly through the year.


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