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…
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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 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 »
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 »
10 Most Important Things for New Businesses
1. Business Plan
Before 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 business structures – sole trader, partnership, company or trust – and decide which one suits your needs best.
- Understand how the business intends to trade and what it requires.
- Set up costs, ongoing compliance costs and tax requirements of your business structure.
- Detail your product offering, product mix and your sales and marketing activities.
- A clear business plan can also help you further down the track to review results, keep focused and achieve your business goals.
- For more details and a business plan template refer to our article here
2. Structure
- Sole trader - Trade as an individual, using a registered trading name if required, with compliance to the ATO
- Partnership - Trade as a group of individuals, using a registered trading name if required, with compliance to the ATO
- Company - Trade as an incorporated entity with directors and shareholders, with compliance to the ATO and ASIC
- Trust - Trade as a trust with corporate or individual trustees and have the ability to distribute income, with compliance to the ATO and ASIC
- A tax comparison of these different structures is below
3. Registering your business
For your new business you will need to:- Apply for an ABN
- Apply for a Tax File Number - sole traders continue to use their individual Tax File Number
- Register for GST - if you expect you turnover will be more than $75,000 a year
- Register for PAYG withholding - if your business will have employees
- Register your business name with ASIC, refer to our article on Registering a business name here
- For companies and trusts - to complete the legal and ASIC documentation necessary refer to our article on Company & Trust Set up here
4. Banking
- You should open a separate bank account for your business so as not to confuse personal and business funds
- Consider your business needs when setting up a bank account, for example, whether you will need merchant facilities to process payments, and how you plan on paying suppliers - by internet transfer or cheque.
- Inform the bank of your business tax file number once you receive it from the ATO
- You may choose to set up a separate bank account to hold funds for the GST, PAYG and superannuation liabilities
5. Insurance
- There are various types of insurance that may be applicable to your new business –
· General Business
· Public Liability
· Indemnity
· Workers compensation
- You should understand the potential risks to your business or personal assets that insurance may assist in reducing.
- If your business will have employees or contractors you should have a clear understanding of who is and who isn’t covered by workers compensation insurance.
6. Employment
If part of your business plan is hiring employees there are a number of steps necessary to meet all legal requirements as an employer:
- Document the agreement with a job description and letter of offer
- Complete a tax file number declaration form for each employee
- Make sure you are registered for PAYG withholding with the ATO
- Agree on a gross rate to be paid (before tax), either hourly wages or annual salary
- Understand how much tax needs to be taken out with each pay
- Contribute superannuation on behalf of employees at 11.5% of gross wages each quarter
- Take out a Workers Compensation policy
- Read full details for hiring done right: a checklist for employers
7. Record keeping
Good record keeping practices will help you:- Monitor the health of your business
- Manage your cash flow
- Complete your activity statements and annual tax returns on time
- Meet your legal requirement from the Tax Office that you keep business records for at least five years or, if you are employing people, at least seven years
You should assess what accounting system will best suit your business needs and budget
- A online accounting program like Xero or MYOB will allow you to reconcile bank accounts, input payroll and generate reports
- A simple business spreadsheet to record income and expenditure and calculate GST if necessary. These spreadsheets are available to download from our website here
8. Invoicing
Invoices can be hand written, carbon copies or generated from computer programs like Xero or MYOB but all need to contain certain details:- Business name & address
- ABN
- Date
- An invoice number for future reference
- Payment terms
- Whether the amount being charged is inclusive of GST or not.
- See a full list of invoicing requirements here
9. Compliance lodgement
Depending on your business structure and registration there are a number of tax compliance lodgements that are required by the ATO:- Businesses registered for GST and PAYG withholding will need to complete and lodge monthly, quarterly or annual activity statements
- GST can be reported on one of two basis – cash or accrual
- Cash basis – GST collected is reportable once the invoice is paid
- Accrual basis – GST collected is reportable from the date of the invoice
- Sole trader – business income and expenses will be included in the individual’s annual personal tax return as a business schedule
- Partnership – an annual partnership tax return and an individual tax return for each partner is required
- Company – an annual company tax return and financial statements are required
- Trust – an annual trust tax return and financial statements are required
10. Review
It is essential to your business’ future that you review on a regular basis to:
- Ensure your various tax compliance issues are kept up to date
- Monitor your business performance in regard to your initial business plan and structure
Gill Minervini
Vaughan Kerr, Rachael Egan & Adele Te Wani
Mark Vellnagel
Lollie Meyerowitz
Junia Kerr
Dr Melinda Griffiths
