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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Resources

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 » 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… 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 »

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 »

Lodgement Dates

BAS Lodgements 2021-2022 The lodgement program due dates for the 2021 - 2022 financial year are listed below for all quarterly and monthly activity statements, including PAYG withholding payments. Please note the different… 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 » 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 » 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 »

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 »

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 »

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

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 » 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… 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 »

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… 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… read more » 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… read more » 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… read more » 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… read more » 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… read more » 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… read more » 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… read more » 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… read more » 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… read more » 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… read more » 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… 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 small businesses.

Below are two types of business spreadsheets you can download and use for your business. These spreadsheets can assist in lodging BAS, budgeting and keeping track of company takings and spending. Follow the instructions on the spreadsheets and you can input income and expenditure detail as required.

If you are not registered for GST use the Non GST spreadsheet. All calculations have already been included on the spreadsheets for your convenience.

From the moment I met the team at AFYF I felt like I was in good hands - competent, professional, reliable and available - couldn’t rate them highly enough. As a start up company they have assisted me with many facets of the business - financial, strategic planning, budgeting, book work and all manner of other things. No question is too small, no request too much trouble - they are working with you and for you and my business is the better for it. A great team approach with quality results.

Stu, Carron & the team at AFYF have been critical partners in our business since 2009. We’re a fast-paced marketing agency, managing a staff of 18, 20+ local/global clients and $5M+ turnover. Obviously Finance is a key function within our business and AFYF effectively work as an extension of our business, managing our Finance function end-to-end. They are amazing. If you seek a super-buttoned down Accountancy/Bookkeeping team, some sage advice or even just a sounding board for any Accounting/ Finance related challenges you may have, then you should engage AFYF.

Vaughan Kerr, Rachael Egan & Adele Te Wani

I have been using the services of Out Sourcery and Accounting For Your Future since 1996. I have found over this period that they have provided me with excellent service and prompt accurate advice with all levels of taxation, wages and superannuation which I have found invaluable to the running of my business. Carron and Stuart are very accessible, they never fail to reply to a phone call or email, which gives me peace of mind. Running a successful business needs the help of great accountants and bookkeepers, AFYF offers great value for money and I highly recommend their services.

In moving our family affairs and their medium sized business interests, from a large firm to AFYF, I experienced once again the personal care and attention that we lost when working with big firms. With this move came close contact with the Partners Carron & Stuart, quality advice and efficient service that has added value to our investments. My message comes with high recommendation. If you join the Club your accounting future is secure.

I have been a client of Accounting for you Future for over 20 years – from when they were a small Company starting up to help small businesses with their BAS. Since then they have grown into an accounting firm which is professional, yet they have never lost their personal touch. I know at all times that Stuart and Carron have my best interests at heart, they help me with the countless issues of running a small business and they do so generously and promptly, with a great sense of humour and thoughtfulness. Everything is done on time, they are easy to get in contact with and all of their staff are a complete pleasure to do business with. I cannot recommend them highly enough, they help me with my business as if they were my business partner and I could not have succeeded in my business to date without their support and advice.

Professional, diligent and sharp – AFYF and OutSourcery are more than accountants and bookkeepers, they are our agency lifeline. Every matter from payroll, taxation and financial planning is taken care of with a smile and with a clear breakdown and explanation of the process. After 11 years of service, AFYF and OutSourcery come highly recommended and we cannot imagine running our business without them.

Working with Stuart and the team at AFYF has been an amazing step forward for our business. Their ability to holistically take care of our financial and book keeping needs has been invaluable and allowed us to focus on core activities. Stuart's ability to integrate seamlessly into our business as both an accountant and high level business advisor has helped us to move forward and also negated the need for an internal CFO. I'd recommend the AFYF team to anyone ready to take their business to the next level.

Greg Vidler & Adam Ziino

As a creative agency with very little interest or skill in business finance it was incredibly important that we found the perfect financial partner, able (and willing) to patiently hold our hand and seamlessly navigate us through the haze of figures and spreadsheets. Six years ago we partnered with Accounting for Your Future and Out Sourcery who have done just this and more - their collective knowledge and skill has been invaluable to our business. To tell you the truth - we just don’t know what we would do without them!

Tingan Emery & Sam Bailey

For over a decade, Stuart and the team from AFYF has been both my personal and business accountants. I cannot speak highly enough of his wisdom, practical advice and expertise and to top it off. his great sense of humour! Stuart has guided me through some challenging times. I have always felt his advice is well thought through, is based on experience and a very sound knowledge base. I have referred numerous friends and colleagues to AFYF and feedback has been that their service is approachable and affordable with many commenting they wished they had gone to see Stuart years ago. Probably the best way to illustrate how much I value Stuart and his staff is with AFYF as my accountants, I no longer lie awake worrying about money or our business.