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

          BAS Lodgements 2018-2019

          The lodgement program due dates for the 2018 - 2019 financial year are listed below for all quarterly and monthly activity statements, including PAYG withholding payments. Please note the different…

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          Tax Return Lodgements 2018

          A list of lodgement dates applicable to tax returns for the 2017 - 2018 financial year is below:Individual Tax Returns –Individuals who lodge their own tax returns, the due date…

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          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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          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…

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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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          Downsizer Super Contributions

          Advice from financial planner Martin Reyment: Since 1 July 2018, eligible homeowners aged 65 years and older are able to contribute up to $300,000 to their superannuation fund from the proceeds…

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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

          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…

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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

          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 »

          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

          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…

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          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…

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          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…

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          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…

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          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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      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. The National Employment Standards are 10 minimum entitlements that have to be provided to all employees, including maximum hours, leave requirements and termination notice periods.

      Read the full list here.

      Fair Work also provides a list of national awards and agreements, that outline the minimum standards for a range of industries. These detail classifications of roles within each industry as well as minimum wages for each classification.

      Read more about awards and agreements here.

      2. Registration

      Make sure your business is registered for PAYG withholding with the ATO before you start paying wages to an employee. This allows you to withhold PAYG tax from your employees’ wages as well as report wages paid to the ATO.

      A sole trader, partnership, company or trust operation can register for PAYG withholding. AFYF can assist with this registration requirement.

      3. Clarify & document

      Before you begin recruiting you should consider what type of employment and what salary or rate you will be offering, depending on your current business needs. Take into consideration the national minimum wage and award requirements, if relevant, before deciding on your employee’s rate or salary. You should always discuss salary and wages in pre-tax terms with your staff.

      You can employ staff on either a casual, part-time or full-time basis:

      The below documents should be provided to all employees at the beginning of employment:

      4. Employee forms

      Once you have the right employee for the role, you will need them to fill in and provide the below forms to you to ensure you have all their current contact and tax details in order to calculate their wages accurately:

      5. Workers compensation insurance 

      Workers compensation insurance is a legal requirement for all employers in Australia and provides protection to employees if they suffer a work-related injury or disease. Each state and territory is managed separately, and in NSW it is administered by icare.

      Please note, some employers are exempt, for example if your annual wages paid are under $7,500, if you haven’t hired any apprentices, and are not a member of a group.

      To sign up to workers compensation insurance you will need to contact the provider in your state or territory and provide an estimate of wages you are expecting to pay for the year and the number of employees the business will have. You will also need to describe what industry the business is in, as this will help determine your insurance premiums.

      Each year you will need to provide details of the actual wages paid to employees in case you paid more or less than what was estimated. Your workers compensation provider will then issue an adjusting invoice or a credit note. AFYF can assist with this annual lodgement requirement.

      6. Superannuation

      Superannuation must be accrued at 9.5% of gross wages paid to an employee, provided they earn over $450/month. Employees under 18 years of age need to work more than 30 hours a week to be entitled to super contributions.

      Under SuperStream requirements superannuation must now be paid through a superannuation clearing house. The ATO offers a free clearing house service for small businesses plus various super funds also offer their own clearing houses, some for a fee.

      Superannuation contributions are payable each quarter. Contributions are due on the 28th day of the month following the end of each quarter, for example the January-March quarter super is due by 28 April. Contribution details should be lodged each quarter prior to payment.

      AFYF can assist with the set up of an ATO clearing house as well as the ongoing contribution lodgements.

      7. Withholding tax

      PAYG tax must be withheld on staff wages, based on current tax tables and the details provided by your employee on their tax file number declaration form. Current tax tables are available on our website here.

      If your employee is on a working holiday visa, you must register as an employer of working holiday makers with the ATO and withhold tax at the relevant rate.

      PAYG tax withheld is reported and paid to the ATO in the quarterly or monthly BAS or IAS lodgements.

      If you are already registered for GST, the PAYG withheld on wages is reported in the same BAS form as your income and GST. There is a separate section added on to the form for wages and PAYG tax withheld once you register for PAYG withholding with the ATO.

      8. Leave entitlements

      Full and part-time employees are entitled to annual leave and sick/personal leave throughout the year. Leave is accrued based on hours worked, with the national minimum for full-time employees being 20 days a year for annual leave and 10 days a year for sick/personal leave.

      Other types of leave that an employee may be entitled to are:

      9. Health and safety

      Under workplace health and safety laws employers are responsible for making sure your work place is safe for your employees. Employees should be made aware of any rules and requirements in place to keep themselves and the work environment safe.

      This covers making sure any machinery or materials are operated properly, training and supervision is provided to employees as well as ensuring no employee is unfairly discriminated against.

      10. Records

      The ATO requires all payroll records are kept for at least 7 years from lodgement.

      For employers with over 20 employees, you now need to report wages, tax and super information to the ATO with each pay period. To do this your record-keeping software must be Single-Touch Payroll (STP) compliant.

      From 1 July 2019 all employers will need to report to the ATO through STP each pay period.

      To discuss whether your bookkeeping software is STP compliant please contact our office.

      11. Payslips

      Under Fair Work requirements a payslip must be provided to the employee with each wage payment, documenting:

      12. PAYG Payment summaries

      PAYG Payment Summaries must be provided to employees each year, for the period 1 July - 30 June.

      These detail the gross wages, tax withheld, reportable superannuation, fringe benefits and allowances paid to an employee. They can also include any relevant deductions, if applicable, such as union fees.

      These forms should be provided to your employees by 14 July each year and the PAYG Payment Summary Annual Report must be lodged with the ATO by 14 August.

      13. Review

      Make sure you put procedures in place so you can review and document your employee’s performance regularly. This will allow you to address any issues in the workplace in a timely manner as well as consider pay increases based on accurate information.

       


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