Welcome to The A Firm Financial Solutions Group

Phone Hours: 8:30am - 4:00pm
Robina: (07) 5596 4604
Redland Bay: (07) 3829 0792

Business Hours:
Mon - Thurs 8:30am - 5:00pm
Leave us a message

THE A FIRM CLIENT CHECKLISTS & FORMS


Below you will find some convenient tools including client checklists and forms. Please click on the links below to view, print or save.

New Client Form Image

Individual income tax rates (as sourced from the ATO website)

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

The following rates for 2020–21 apply from 1 July 2020:

Taxable income Tax on this income
0 – $18,200 Nil
$18,201 – $45,000 19 cents for each $1 over $18,200
$45,001 – $120,000 $5,092 plus 32.5 cents for each $1 over $45,000
$120,001 – $180,000 $29,467 plus 37 cents for each $1 over $120,000
$180,001 and over $51,667 plus 45 cents for each $1 over $180,000

The above rates do not include the Medicare levy of 2%.

FUTURE DEADLINES


ICON LEGEND

PAYROLL  TAX  BOOKKEEPING

This is The A Firm’s guide to how we schedule our workflow and when we expect to do your work throughout the year where applicable for the services,
we provide to you.


 TAX RETURNS – all due by 15th May by a Tax Agent, if returning business client, please refer to your allocated month as per scheduled by your Accountant.

JULY

Payroll with STP Due to ATO 14th July

Payroll Due to ATO – Due 14th August

BAS Q4 Period April To June – Tax Agent Due Date 28th August

TPAR – Due 14th August

AUGUST TO DECEMBER

BAS Q1 Period July To September – Tax Agent Due Date 28th November

JANUARY TO MARCH

BAS Q2 Period October To December – Tax Agent Due Date 28th February

Tax Planning

APRIL TO JUNE

BAS Q3 Period January To March – Tax Agent Due Date 28th May

Tax & Estate Planning

ITWV

Trustee Resolutions

ATO LODGEMENTS Your ATO Deadline Our ATO Deadline
Tax Return 31st October 15th May
BAS Q1 28th October 28th November
BAS Q2 28th January 28th February
BAS Q3 28th April 28th May
BAS Q4 28th July 28th August

For more ATO lodgement dates for your own lodgements, visit https://www.ato.gov.au/tax-professionals/prepare-and-lodge/due-dates/

Individual income tax rates (as sourced from the ATO website)

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

The following rates for 2019–20 apply from 1 July 2019:

Taxable income Tax on this income
0 – $18,200 Nil
$18,201 – $37,000 19c for each $1 over $18,200
$37,001 – $90,000 $3,572 plus 32.5c for each $1 over $37,000
$90,001 – $180,000 $20,797 plus 37c for each $1 over $90,000
$180,001 and over $54,097 plus 45c for each $1 over $180,000

The above rates do not include the Medicare levy of 2%.


The following rates for 2018–19 apply from 1 July 2018:

 
Taxable income Tax on this income
0 – $18,200 Nil
$18,201 – $37,000 19c for each $1 over $18,200
$37,001 – $90,000 $3,572 plus 32.5c for each $1 over $37,000
$90,001 – $180,000 $20,797 plus 37c for each $1 over $90,000
$180,001 and over $54,097 plus 45c for each $1 over $180,000

The above rates do not include the Medicare levy of 2%.

The above rates include changes announced in the 2018-19 Federal Budget.


The following rates for 2017–18 apply from 1 July 2017:

 
Taxable income Tax on this income
0 – $18,200 Nil
$18,201 – $37,000 19c for each $1 over $18,200
$37,001 – $87,000 $3,572 plus 32.5c for each $1 over $37,000
$87,001 – $180,000 $19,822 plus 37c for each $1 over $87,000
$180,001 and over $54,232 plus 45c for each $1 over $180,000

The above rates do not include the Medicare levy of 2%.

The temporary budget repair levy ceased applying from 1 July 2017.


The following rates for 2016-17 apply from 1 July 2016:

Taxable income Tax on this income (new rates proposed for 2016-17)
0 to $18,200 Nil
$18,201 to $37,000 19c for each $1 over $18,200
$37,001 to $80,000* $3,572 plus 32.5c for each $1 over $37,000
$80,001 to $180,000 $19,822 plus 37c for each $1 over $87,000
$180,001 and over $54,232 plus 47c for each $1 over $180,000

* The above rates do not include the Medicare levy of 2%

* The above rates do not include the Temporary Budget Repair Levy. The Temporary Budget Repair Levy is payable at a rate of 2% for taxable incomes over $180,000.


The following rates for 2015-16 apply from 1 July 2015:

Taxable income Tax on this income
0 to $18,200 Nil
$18,201 to $37,000 19c for each $1 over $18,200
$37,001 to $80,000 $3,572 plus 32.5c for each $1 over $37,000
$80,001 to $180,000 $17,547 plus 37c for each $1 over $80,000
$180,001 and over $54,547 plus 45c for each $1 over $180,000

* The above rates do not include the Medicare levy of 1.5%.

Foreign Residents: If you are a foreign resident for the full year, the following tax rates apply


The following rates for 2015-16 apply from 1 July 2015:

Taxable income Tax on this income
0 to $80,00 32.5c for each $1
$80,001 to $180,000 $26,000 plus 37c for each $1 over $80,000
$180,001 and over $63,000 plus 45c for each $1 over $180,000

* Foreign residents are not required to pay the Medicare levy.

* The above rates do not include the Temporary Budget Repair Levy. The Temporary Budget Repair Levy is payable at a rate of 2% for taxable incomes over $180,000

Children: If you are under the age of 18, and receive unearned income (for example, investment income) special rates apply.

Income of minors

A minor is a person who is under 18 years of age.

Special rules apply to the income of minors. Under these rules, certain types of income, such as a distribution from a family trust, may be taxed at higher rates.

These rules were introduced to discourage adults from splitting their income and diverting it to their children.

Some minors are excluded from the special rules and are called excepted persons. Ordinary rates of tax apply to all the income of an excepted person.

Even if a minor is not an excepted person, ordinary rates of tax still apply to certain types of income which is called excepted income.

Minors who are Australian residents do not have to lodge a tax return if they earn less than $416 in the 2017/18 income year.

In some situations, an adult should declare the income received by an associated minor.

Accessing Your Super

You can access your super:

  • when you turn 65 (even if you haven’t retired), or
  • when you reach preservation age and retire, or
  • under the transition to retirement rules, while continuing to work.

There are very limited circumstances where you can access your super savings early. These circumstances are mainly related to specific medical conditions or severe financial hardship.

Your preservation age is not the same as your pension age. Your preservation age is the age at which you can access your super if you are retired (or have started a transition to a retirement income stream).

Your preservation age depends on when you were born. You can use this table to work out your preservation age.

Date of birth Preservation age
Before 1 July 1960

55

1 July 1960 – 30 June 1961

56

1 July 1961 – 30 June 1962

57

1 July 1962 – 30 June 1963

58

1 July 1963 – 30 June 1964

59

From 1 July 1964

60

Concessional Contributions Cap (super)

Income year Date Your age at this date Your concessional contribution cap
2021/2022 All Ages $27,500
2020/2021 N/A All ages $25,000
2019/2020 N/A All ages $25,000
2018/2019 N/A All ages $25,000
2017/2018 N/A All ages $25,000
2016/2017 30 June 2016 <49 $30,000
2016/2017 30 June 2016 49+ $35,000
2015/2016 30 June 2015 <49 $30,000
2015/2016 30 June 2015 49+ $35,000
2014/2015 30 June 2014 <49 $30,000
2014/2015 30 June 2014 49+ $35,000
2013/2014 30 June 2013 <59 $25,000
2013/2014 30 June 2013 59+ $35,000

The 1 July 2021 superannuation changes

Changes from 1 July 2021 will impact on how much money you can contribute to superannuation and how much you can have in your retirement phase superannuation account.

  In general, your superannuation is either in an accumulation account (when you are building your super), a retirement account (when you meet preservation age and certain conditions of release and can withdraw your super), or in between when you are transitioning to retirement (when you reach perseveration age, are working reduced hours and take some of your superannuation as a pension).

The amount of money you can transfer from your accumulation account into your tax-free retirement account is limited by a transfer balance cap (TBC). From 1 July 2021, the current $1.6m general TBC will be indexed to $1.7m and once indexed, no single cap will apply to all individuals (each person will have an individual TBC between $1.6m and $1.7m).

Indexation will also change other superannuation caps and limits including:

  1. Non-concessional contributions (contributions from after tax income)
  2. Concessional contributions (contributions from before tax income such as super guarantee, salary sacrificed super amounts, or contributions you make and claim a tax deduction for )
  3. Co-contributions (personal contributions made by low and middle income earners matched by the Government up to $500), and
  4. Contributions you make on behalf of your spouse that are eligible for a tax-offset.

How will the transfer balance cap impact me?

You are accumulating super

If you are building your superannuation (accumulation phase) and not withdrawing it*, indexation of the TBC is a good thing because from 1 July 2021 you will be able to access more of your superannuation tax- free. If you start taking your superannuation after 1 July 2021, for example if you meet a condition of release and retire, your transfer balance cap will be $1.7m. Essentially, if you have never had a transfer balance account credit, then the full indexation is available to you.

For low and middle income earners claiming the government co-contribution, the limit will increase in line with indexation to $1.7m.

Similarly, if you are contributing superannuation to your spouse and claiming the tax offset, the limit will increase in line with indexation to $1.7m. That is, you can contribute to your spouse’s superannuation and claim the tax offset as long as their TBC is not more than $1.7m.

You have started taking your super

If you started taking your superannuation before 1 July 2021 and have already had a credit added to your transfer balance account, then your TBC will be between $1.6m and $1.7m depending on the balance of your transfer balance account between 1 July 2017 and 30 June 2021. If your account reached $1.6m or more at any point during this time, your TBC after 1 July 2017 will remain at $1.6m. If the highest credit ever in your account was between $1 and $1.6m, then your TBC will be proportionally indexed based on the highest ever credit balance your transfer balance account reached. That is, the ATO will look at the highest amount your transfer balance account has ever been, then apply indexation to the unused cap amount. For example, if you started a retirement phase income stream valued at $1.2m on 1 October 2018 and this was the highest point of your account before 1 July 2021, then your unused cap is $400,000. This unused cap amount is used to work out your unused cap percentage (400k/1.6m=25%). The unused cap percentage is then applied to $100,000 ($100k*25%=$25k) to create your new TBC of

$1,625,000.

Note that indexation only applies to the difference between the $1.6m TBC and the highest point of your account at any point between 1 July 2017 and 30 June 2021, not the value of your account at 30 June 2021. That is, if you made additional contributions after 1 October 2018 that increased your account to say $1,440,000, then indexation would apply to your unused cap of $160,000 (instead of $400,000), creating a TBC on 1 July 2021 of $1,610,000.

Indexation does not impact existing child death benefit beneficiaries. Child death benefit income streams commencing after 1 July 2021 will be entitled to the increment if the parent never had a transfer balance account or a proportion if the parent had a transfer balance account.

If you receive income from a capped defined benefit income stream and you are 60 years of age or more, or the income stream is from a death benefit where the member was over 60 at the time of death, then the defined benefit income cap will increase to $106,250 for most individuals. This will mean that the money your fund withholds from your income stream may change.

The amount you can contribute to super will increase

Indexation will increase the concessional and non-concessional contribution caps from 1 July 2021. These caps are indexed by average weekly ordinary time earnings (AWOTE).

Cap Current cap Cap from 1 July 2021
Concessional contributions cap $25,000 $27,500
Non-concessional contributions cap $100,000 $110,000

The bring forward rule

The bring forward rule enables you to contribute up to three years’ worth of non-concessional contributions in the one year. That is, from 1 July 2021, you could contribute up to $330,000 to your superannuation in one year. You can use the bring forward rule if you are 64 or younger on 1 July of the relevant financial year of the contribution and the contribution will not increase your total super balance by more than your transfer balance account cap.

If you utilised the bring forward rule in previous years, your non-concessional cap will not change. You will need to wait until your three years has expired before utilising the new cap limit.

1 July 2017 – 30 June 2021 After 1 July 2021
Total Superannuation Balance (TSB) Contribution and bring forward available Total Superannuation Balance (TSB) Contribution and bring forward available
Less than $1.4m $300,000 Less than $1.48m $330,000
$1.4m -$1.5m $200,000 $1.48m – $1.59m $220,000
$1.5m – $1.6m $100,000 $1.59m – $1.7m $110,000
Above $1.6m Nil Above $1.7m Nil

* excludes withdrawals made under the COVID 19 relief measures.