Residents: Personal tax rates and thresholds

These rates apply to individuals who are Australian residents for tax purposes:

Non-Residents: Personal tax rates

Non-Foreign Resident Individual income tax rates

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…

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…

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…

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…

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…

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…

How Cryptocurrency impacts your tax return

Cryptocurrencies emerged as the first digital currency to be used as an alternative for the…

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…

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…

Residents: Personal tax rates and thresholds

These rates apply to individuals who are Australian residents for tax purposes:

Non-Residents: Personal tax rates

Non-Foreign Resident Individual income tax rates

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…

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…

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…

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…

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…

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…

Tax Return Checklist for Rental Property Income

 Income ·         Rental income …

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…

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…

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…

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…

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. 

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…

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…

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…

Audit Requirements

Below is the list of details needed for the annual audit of your SMSF:A copy…

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…

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…

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…

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…

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…

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,…

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…

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…

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…

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…

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…

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…

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.…

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…

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…

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…

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)…