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
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…
read more »The Medicare Levy, Medicare Levy Surcharge & Private Health Care Rebate 2024
The Medicare Levy, Medicare Levy Surcharge & Private Health Care Rebate are all items administered via the taxation system that are affected as your level of taxable income changes.Medicare Levy:The…
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…
read more »
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…
read more »
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 and Partnership 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 »Super fund 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 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 »Tax Return Checklist for Rental Property Income
Income · Rental income …
read more »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…
read more »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…
read more »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…
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…
read more »
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…
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…
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 »
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
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…
read more »The Medicare Levy, Medicare Levy Surcharge & Private Health Care Rebate 2024
The Medicare Levy, Medicare Levy Surcharge & Private Health Care Rebate are all items administered via the taxation system that are affected as your level of taxable income changes.Medicare Levy:The…
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…
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 finance their higher education. The scheme operates on an income-contingent repayment model, where graduates repay a percentage of their income once they reach a certain income threshold. This innovative approach has significantly expanded opportunities for Australian students.
How does HECS-HELP work?
Study now, pay later: Students can defer their tertiary education fees through the Higher Education Loan Program (HECS-HELP). The loan amount is calculated based on the specific course and the number of subjects undertaken. The government directly remits the tuition fees to the student's educational institution.
Students do not need to start repaying their HECS-HELP debt until they start earning over the annual income threshold. Repayments for the loan are administered via tax withheld by your employer and/or your annual tax return.
To be eligible for HECS-HELP you must meet the below requirements
- Be studying in a Commonwealth Supported Place (CSP)
- Meet the citizenship and residency requirements
- Submit a valid Request for Commonwealth Support form to your provider by the census date
- Have the required available HELP balance to cover the loan required for study
- Have sufficient Student Learning Entitlement available, i.e. the maximum allowed time you can take to study in a Commonwealth Supported Place
- Be assessed as a genuine student and academically suitable for your unit(s) of study
- Not undertake more than two years' worth of higher education study in 12 months unless your provider has approved you to take on more.
Indexation of HECS-HELP loans
Your HECS-HELP debt will increase over time due to indexation. This is similar to interest, and it's applied annually, on 1 June, to the portion of your debt older than 11 months.
Indexation adjusts your debt to account for rising living costs, ensuring the value of your education remains consistent over time. The indexation rate varies each year.
In November 2024, the Albanese Government passed legislation to reduce the interest rate on student loans. This change will benefit approximately 3 million Australians with a combined debt of $3 billion.
The new law caps the indexation rate to the lower of the Consumer Price Index (CPI) or the Wage Price Index (WPI), ensuring it doesn't exceed wage growth. This change came into effect from 1 June 2023.
This will result in significant savings for borrowers, with an average reduction of around $1,200 per person. The Australian Tax Office (ATO) will automatically apply these changes to all eligible borrowers.
If you had a HELP debt on either 1 June 2023 or 1 June 2024, you'll benefit from the new indexation rate.
- For 2023: If you had a HELP debt on 1 June 2023, you'll receive a credit to offset the higher indexation rate.
- For 2024: Similarly, if you had a HELP debt on 1 June 2024, you'll receive a credit.
- For both years: If you had a HELP debt on both dates, you'll receive credits for both 2023 and 2024.
Can I make extra or early payments on my HECS-HELP?
Yes, extra or early payments can be made at any time during the year. It is recommended that these extra payments be made prior to the indexation point of 1 June each year. This will reduce the current balance before the indexation applies.
What is my compulsory repayment on my HECS-HELP loan?
HECS-HELP debt repayments commence when your annual Repayment Income (RI) surpasses the minimum repayment threshold. This threshold is adjusted annually.
Your repayment income is calculated using the following amounts from your tax return:
- Taxable income, i.e. total income less deductions, not including any assessable First Home Super Saver released amounts
- Any reportable fringe benefits
- Total net investment loss, including rental losses
- Any reportable super contributions
- Any exempt foreign income amounts
The current repayment threshold and rates are as follows:
2024-2025 Repayment threshold | Repayment % rate |
Below $54,435 | Nil |
$54,435 - $62,850 | 1.0% |
$62,851 - $66,620 | 2.0% |
$66,621 - $70,618 | 2.5% |
$70,619 - $74,855 | 3.0% |
$74,856 - $79,346 | 3.5% |
$79,347 - $84,107 | 4.0% |
$84,108 - $89,154 | 4.5% |
$89,155 - $94,503 | 5.0% |
$94,504 - $100,174 | 5.5% |
$100,175 - $106,185 | 6.0% |
$106,186 - $112,556 | 6.5% |
$112,557 - $119,309 | 7.0% |
$119,310 - $126,467 | 7.5% |
$126,468 - $134,056 | 8.0% |
$134,057 - $142,100 | 8.5% |
$142,101 - $150,626 | 9.0% |
$150,627 - $159,663 | 9.5% |
$159,664 and above | 10.0% |
Do I have to pay HECS-HELP if I’m living overseas?
Even if you're living and working overseas, you may still be required to make HECS-HELP repayments. This applies to both Australian tax residents and non-residents. It's essential to understand your specific circumstances and consult with the ATO for accurate information on your repayment obligations.
Where can I get the details about my HECS-HELP debt?
To get specific details about your HECS-HELP debt, you can contact us for the information or refer to the ATO, either via MyGov here or by calling the ATO on 13 28 61.
Please note: your HECS-HELP loan account will not show the repayments withheld by your employer throughout the year until you lodge your tax return for the relevant tax year.
The repayment amount for the year is calculated and shown on your annual tax return. If your employer has not withheld enough for your HECS-HELP repayment for the year, you may end up with a tax bill.
Please make sure you inform all employers via your Tax File Number Declaration Form that you have a HECS-HELP debt when you start employment.
If you have paid your HECS-HELP debt off throughout the year, but your employer has continued to withhold extra tax for HECS-HELP repayments, then the credit will be applied to your annual tax return. This may result in a refund depending on your overall income and tax position.