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…
read more »
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 »
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 risk, without owning and trading multiple equities, why not look at Exchange Traded Funds and Listed Investment Companies? The differences & benefits of these two types of investment options are broken down below.
What do these funds do?
Exchange Traded Funds (ETFs) and Listed Investment Companies (LICs) are both assets that are able to be bought and sold on the Australian Securities Exchange (ASX). Their popularity with investors in recent years has exploded, resulting in over 200 different funds now being available on the ASX.
When you invest in an ETF or LIC you are investing in a portfolio of individual assets. Some funds track an entire share market index; for example, an ETF that tracks the S&P/ASX 200 will hold the top 200 funds listed on the ASX. Other funds hold smaller portfolios of stocks and allow the fund manager to invest based on their discretion. ETFs and LICs do not need to invest in shares, there are now a wide range of ETFs and LICs that invest in cash, bonds, currency, commodities, etc.
Benefits of ETFs & LICs
Many investors are drawn to ETFs & LICs for their ability to provide diversification in their portfolios at a reasonably low cost. For example, an ASX 200 ETF will provide the investor exposure with around 200 individual shares. The trading and brokerage fees to purchase all of these shares individually would, in most cases, far exceed the cost of the ETF. They also provide access to assets traded outside of the ASX, which can be difficult for individual investors to access. This includes international shares, bonds, currency and commodities.
Due to the investors ability to buy/sell ETFs and LICs on the ASX, all that is required to invest is a brokerage account, with shares able to be bought and sold at any time the exchange is open. Compared to traditional managed funds, where units must be bought and sold by completing application & redemption forms, as well as the mandatory ID checks on every new fund purchase and minimum investment amounts, ETFs & LICs are much more convenient for many investors.
What are the differences in ETFs & LICs?
Traditionally the biggest difference between ETFs & LICs is that ETFs generally track an index return and do not try to outperform that index. LICs on the other hand may use an index as their benchmark but seek to outperform. This is referred to as passive management and active management. This difference is not always the case however, and in recent times there has been more of a crossover, with many new ETFs coming on the market that are fully or partially actively managed (these are generally referred to as Exchange Traded Managed Funds to differentiate them from Exchange Traded Funds or ETFs, which must track an index. For our purposes, we call them all ETFs).
The real difference between ETFs and LICs is their legal structures.
An LIC is a company. The impact of this is that the pool of money the fund has access to is close-ended (i.e. additional capital requires a raising of capital), and all profits are reported at the company tax rate (currently 30% in Australia for companies with a turnover above $25 million). Just like other companies, the managers have discretion over how much, if any, they choose to pay as dividends.
An ETF on the other hand is a trust. This means that there is an open-ended source of funding, like a managed fund, where the pool of money can grow and shrink on a daily basis depending on who buys or redeems their units. It also means that the fund does not pay tax on their earnings but passes these on to the investor, who pays tax at their marginal tax rate.
For more information or an obligation free consultation to find out if these investments are appropriate for your personal situation, please contact me at TMC Advisory on 0407 505 862 or martin@tmcadvisory.com.au.
Martin Reyment
Director
TMC Advisory
You can also check out TMC Advisory here.
Please note: This information is general in nature and should not be construed as personal advice.
Gill Minervini
Vaughan Kerr, Rachael Egan & Adele Te Wani
Mark Vellnagel
Lollie Meyerowitz
Junia Kerr
Dr Melinda Griffiths
